Portugal’s Sonae Group prepares to enter Angolan market

12 November 2009

Lisbon, Portugal, 12 Nov – Portuguese business group Sonae is preparing to enter the Angolan market by opening a “Continente” hyper market and industrial projects in the wood sector, according to a report from Portuguese financial daily Diário Económico.

Citing sources linked to the process, the paper said that the Portuguese group may move into Angola in partnerships with Angolan businesswoman Isabel dos Santos, the daughter of the President of Angola.

“Sonae’s venture into Angola is practically finalised and so it should happen very soon,” one of the sources said, adding that the model and amount of investment had yet to be decided.

A spokesperson for Sonae, who was contacted by the newspaper, said only that “Sonae’s goal is internationalisation, and its officials are open to opportunities that may come up in other markets, including Angola.” (macauhub)