Portuguese group Sonae ready to open hypermarkets in Angola

3 February 2012

Lisbon, Portugal, 3 Feb – Portuguese group Sonae has everything prepared to start operating the Continente hypermarket business in Angola and now only requires formalisation of the authorisation received from the Angolan government on 20 December 2011, said the group’s chief executive, Paulo Azevedo.

Speaking to Portuguese weekly newspaper Sol, on the sidelines of the Portuguese Association of Distribution Companies conference, Azevedo said that the project was ready to be launched and that locations and teams had already been chosen.

“Initially we will be opening four stores, all in Luanda,” he said adding that he intended to start operating in the Angolan market in 2013, but declined to give more specific dates.

In an initial phase, the Sonae project – entering the Angolan market via a partnership with Condis, which is majority-owned by Angolan businesswoman Isabel dos Santos – is expected to involve investment of US$103 million and will focus on selling food in the country, particularly in Luanda and Huambo.

As well as food retail, Sonae, which has not revealed the number of jobs it will create in Angola, has pledged to encourage local production, to launch an Angolan producers club, just as it has done for Portuguese suppliers. (macauhub)