Distell hit by Angola, Zimbabwe write-downs
Beverages maker is the latest SA company to be affected by Angola's currency devaluation
07 August 2019 - 18:17
Distell, the maker of Amarula, Savanna and Hunter’s Dry brands, has written down its investments in Angola by R524m. The group has also made credit loss provision of R266.1m in Zimbabwe.
The beverages firm said on Wednesday the devaluation of about 50% of the Angolan kwanza and its impact on the Angolan economy had negatively affected the earnings of Best Global Brands Limited (BGB), the owner of the Best brand, in which Distell acquired a 26% interest in 2017...
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