Black shareholders of brewing firm SAB are up in arms, alleging they have not seen financial returns on their broad-based black economic empowerment (B-BBEE) investment scheme for five years.
Those holding shares in SAB’s Zenzele Kabili empowerment scheme – a special purpose vehicle that holds shares in the local arm of global brewing giant AB InBev – which was set up to enable black South African investors to participate in the ownership of the multinational group, say they have not been paid dividends since investing more than more than five years ago.
SAB invited qualifying members of the public to invest in and buy shares when the Zenzele Kabili B-BBEE scheme listed on the Johannesburg Stock Exchange (JSE) in May 2021.
An annual general meeting of the scheme, held at the Nascrec Expo Centre on May 15, turned chaotic as disgruntled shareholders confronted the scheme’s representatives, demanding answers on alleged non-payment of dividends.
But SAB has denied that shareholders have not been paid for five years.
An investor, speaking on condition of anonymity, told Sunday World that the chaos ensued after the scheme representatives failed to explain what was causing the delay in payouts.
He said the previous scheme, SAB Zenzele, which they also invested in, had paid dividends on time without any issues.
“We attended the meeting expecting good news or at least answers but it all turned sour when they could not tell us what was causing the delay or at least explain when we will be getting our funds. Instead, they told us that communication would be sent towards the end of May and we are still waiting.
“We have invested twice in SAB Zenzele and we saw meaningful returns on both occasions. But this time, the dividends they claimed are due did not make sense and that further elevated the uproar. The meeting did not end on a good note,” he said.
According to the company’s financial results for the year ending December 2025, the board of parent company AB InBev suggested a full-year 2024 dividend of €1 (R19) per share, which was later approved by shareholders at the company’s annual general meeting on April 30 2025.
The statement revealed that a dividend was paid but tavern owners who hold Zenzele Kabili shares insist they have not received a cent from the scheme.
According to the annual results, SAB received more than R108-million in dividend income from AB InBev, an increase from R85.3-million the previous year.
After accounting for foreign withholding taxes, operational costs and debt obligations, R66.7-million remained available for distribution but most of it reportedly did not go to shareholders.
Approximately 75% of the distributable income was allowed to preference shareholders and reduce outstanding debt linked to the scheme, leaving R16.6-million for ordinary shareholders, translating to a dividend of 41 cents per share.
According to the report this was paid in July 2025.
The statement further outlined concern over the financial position of SAB Zenzele Kabili, which continues to carry significant accumulated losses, although these have narrowed from R1.9-billion in 2024 to R1.52-billion by the end of December 2025.
It highlighted pressure on the company’s short-term finances, with current liabilities exceeding current assets by about R937-million. This means the
company does not have enough readily available resources to cover all its immediate obligations.
“In 2021, the South African Breweries (Pty) Ltd advanced a facility amount of R12 000 000 to SAB Zenzele Kabili Holdings (RF) Limited to assist the company in meeting its immediate liquidity shortfall. This advance was provided to assist the company in meeting its operational obligations until the intended receipt of the next dividend from AB InBev.
“On 14 March 2023, an addendum to the facility agreement was signed between the company and SAB, where the maturity date of the facility was extended from 7 August 2023 to 7 August 2025.
During the year, repayments amounting to R13 119 615 were made towards the SAB facility and the facility was settled in full.
However, investors argued they had not received any money as per the agreement which stipulated dividend payouts after five years.
They said there had been no communication apart from the recent AGM.
Kanyisa Ndyodya, the SAB spokesperson, acknowledged the concerns raised at the meeting but insisted that shareholders were paid in accordance with the financial statements.
“SAB Zenzele Kabili Holdings can confirm that all dividends for the previous financial years have been paid in full to the shareholders, in line with the rules of the scheme.
“SAB Zenzele Kabili Holdings is a listed entity and there is no fixed maturity date where beneficiaries would receive a payout.”
She said the scheme’s performance was dependent on company performance dividends received from AB InBev.
“Whenever dividends are declared, the distributions are made in terms of the rules of the scheme, with such distributions communicated to shareholders through the appropriate channels including the JSE SENS.
“SAB and SAB Zenzele Kabili Holdings value the role of the shareholders and remain supportive of efforts to ensure the scheme operates in line with its objectives. We will continue to engage with the shareholders and are actively working with the scheme administrators to enhance shareholder communication,” Ndyodya said.
- Black shareholders of brewing firm SAB are up in arms, alleging they have not seen financial returns on their broad-based black economic empowerment (B-BBEE) investment scheme for five years.
- Those holding shares in SAB’s Zenzele Kabili empowerment scheme – a special purpose vehicle that holds shares in the local arm of global brewing giant AB InBev – which was set up to enable black South African investors to participate in the ownership of the multinational group, say they have not been paid dividends since investing more than more than five years ago.
- SAB invited qualifying members of the public to invest in and buy shares when the Zenzele Kabili B-BBEE scheme listed on the Johannesburg Stock Exchange (JSE) in May 2021.
- An annual general meeting of the scheme, held at the Nascrec Expo Centre on May 15, turned chaotic as disgruntled shareholders confronted the scheme’s representatives, demanding answers on alleged non-payment of dividends.
- But SAB has denied that shareholders have not been paid for five years.
