SG Securities has reduced its rating on, SABMiller, the UK-based international brewing group, from "hold" to "sell". The action was made ahead of the company's results which will be published later this week. "We expect FY2003 to be an excellent year for the old SAB operations, culminating in 9% organic net sales growth," said SG's analyst James Williamson. "However, in FY2004, we believe the enlarged group will struggle to generate meaningful organic growth, with most divisions suffering from a high comparative base."

21 May, 2003