WHAT IT MEANS: SABMiller’s london move a boon for South Africans. Brewer’s African assets were the main prize for AB Inbev.In March 1999 SA Breweries ended its first day of trading on the London Stock Exchange at 447p, giving it a market cap of £3.26bn.Last Thursday, SABMiller ended its life as a listed entity at a closing price of £44.95. At this price, just 5p short of the AB InBev offer price, SABMiller’s market cap was an eye-watering £72.4bn.By any standards it is an amazing achievement for a management team that back in 1999 was well known in SA but little heard of in the powerful investment capitals of the world.For South Africans, even those not inclined to jingoism, it is a welcome reminder that we are capable of being world-class players.More important is that, unlike the other four transferees — Old Mutual, Anglo American, Gencor-Billiton and Didata — SABMiller’s relocation has been a sustained benefit for South Africans. No money was wasted chasing ill-considered interna...
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