Lisbon, Portugal, 27 Dec – The Angolan government has approved Portuguese group Sonae to enter the Angolan market by investing US$103 million in the hypermarket sector via the Continente brand.
The request from Sonae had been made based on the new investment law approved in April and which outline tax breaks for foreign investors.
In April, Sonae announced it had acquired 49 percent of Angolan company Condis, which is controlled by businesswoman Isabel dos Santos.
Luís Reis, of the Sonae board of directors, said in September that operations in Angola would begin in 2013 with the opening of five hypermarkets in Luanda.
US supermarket chain Wal-Mart is also studying opening stores in Angola similarly to South African groups Woolworths and Pick n Pay. (macauhub)