Moa Group is selling Moa Brewing Company for $1.9 million to focus on its hospitality businesses, where it sees greater profit potential. The brewing company will be sold at the end of February to Mallbeca Ltd, a company linked to chief executive Stephen Smith and his family interests, the group said in a statement. The unprofitable Moa Brewing Company which was its original investment last year reported an operating loss of $1.4m on revenue of $14.2m. As a result of the sale, the group will change its name to Savor from March, and Savor Group founder Lucien Law will take over as managing director. Shares in Moa Group rose 8.8 per cent to 21 cents in midday trading on Friday.

Source: Stuff February 18, 2021 21:48 UTC