Registered users can save articles to their personal articles list. Login here or sign up here
 Registered users can save articles to their personal articles list. Login here or sign up here

SAB boosts political donations

Political progress requires ‘funding and significant human resources.’

SABMiller announced on Friday that its board has approved plans to provide funding to political parties in South Africa for next year’s general election. It states that the funding is part of its “on-going commitment to encourage the development of South Africa’s democratic political system.”

Subsidiary South African Breweries, will donate R9m (US$980,000) which will be distributed across the six largest political parties in proportion to their seats in the National Assembly: the African National Congress party (ANC); the Democratic Alliance (DA); the Congress of the People; the Inkatha Freedom Party; the United Democratic Movement; and the Freedom Front Plus.

Graham Mackay, Executive Chairman of SABMiller, commented:

“South Africa has a vibrant, open democracy and SABMiller is proud to have made a contribution to that achievement. Political progress will remain vital to the country’s continued stability and growth but this progress requires funding and significant human resources. This is an extremely important cause and it deserves our support.”

SABMiller made contributions of R5 million in the run up to the 1999, 2004 and 2009 elections and has not made any other political donations in South Africa outside of the national election cycle. This year’s higher donation value follows a number of years of double-digit inflation in South Africa.

More stories from Moneyweb
Richus Nel

Richus Nel

Brenthurst Wealth
Moneyweb Click an Advisor
   No comments so far

Comments on this article are closed.

Latest Currencies

ZAR / Euro

Enter company name or share code:


Subscribe to our mailing list

* indicates required
Moneyweb newsletters


Moneyweb Investor Issue 24

The relative strength of the rand has seen South Africans relax since the cabinet reshuffle and sovereign downgrades by S&P and Fitch. Don't be deceived - this is a self-inflicted wound. In the May issue of The Moneyweb Investor, we take a closer look to see which companies are likely to thrive and which will not, in the post-downgrade world.