South African Breweries (SAB) will reinstate its investment programme that was cancelled last year, allocating R2 billion for its home operations.<\/p>\n
The brewery cancelled R5 billion in investments<\/a><\/strong> in the country in over the last year due to the country’s multiple alcohol bans related to the Covid-19 lockdown. The group halted R2.5 billion in 2020 and a further R2.5 billion placed on hold in January 2021.<\/p>\n The cancelled investments relate to upgrades to operating facilities, product innovation, operating systems, as well as the installation of new equipment at selected plants, the group said at the time.<\/p>\n The group had warned that the decision will impact the profitability of a number of jobs created by the companies that would have worked with SAB to execute the capital investment plans.<\/p>\n However, SAB has now walked back on some of these plans, and said it will invest R2 billion on a number of projects to be completed in the 2022 financial year.<\/p>\n The funding will be used for a number of upgrades to operating facilities, installation of new equipment at selected plants, product innovations and other necessary operating systems, Reuters<\/a> <\/strong>reported.<\/p>\n However, it cautioned that the move was a show of good faith and that government should consult with the business sector ahead of any future bans.<\/p>\n “The move to implement reasonable measures, as we continue to navigate the pandemic, is a welcomed signal that we can expect to see more consultation in the future and that blanket bans will be a thing of the past,” said Richard Rivett-Carnac, AB InBev\u2019s vice president of finance, legal and corporate affairs for the rest of Africa.<\/p>\n “Further collaboration will provide the required confidence boost needed in order to attract further investment to the country,” he said.<\/p>\n
\n