Portuguese group Sonae expected to enter Angolan market this year with Continente brand

17 March 2011

Porto, Portugal, 17 March – Portuguese group Sonae this year pans to invest in the Angolan and Turkish markets, the group’s chief executive said in Porto Wednesday.

At a meeting to present the group’s results for 2010, Paulo Azevedo also said in relation to Angola, “there is no important negotiation underway,” with partner Isabel dos Santos, the daughter of the Angolan president.

Sonae’s entry in the Angolan market with the Continente retail brand is thus likely to happen very soon, with Azevedo noting that great strides had been made in establishing the partnership and that, “there is great trust between the teams.”

“I think I would not be taking a great risk in saying that our entry into Angola will happen this year,” he said.

However the entry of the Continente brand into Angola will not be the group’s only partnership with the Angolan businesswoman, as Software e Sistemas de Informação (SSI) – one of the Sonaecom companies that are already present in Angola with a small operation – is also to have Isabel dos Santos as a partner.

In 2010, the Sonae group posted net profit of 192 million euros, or 12.6 percent more than in 2009, with consolidated turnover posting growth of 4.4 percent to 5.914 billion euros. (macauhub)

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