Portuguese advertising company MOP has expanded to Mozambique by buying a 51 percent stake in Mozambican company Imagination, said the chief executive of MOP, Vasco Perestrello.
Imagination held the concession on 400 billboards across the country but only three of these were being used, and this will allow the Portuguese company to present the market with an advertising network built from scratch.
MOP’s business will begin in Maputo, where Imagination ahs 100 billboard locations, but within “three to six months,” the aim is to expand to other Mozambican provinces.
The focus on Mozambique – which had been studied by the company for over a year – involves investments of between US$1 million and US$2 million over two years and Perestrello said he hoped turnover would total US$1 million by the end of 2014.
The acquisition of Imagination is MOP’s first international move and it is entering market in which a number of South African and local players operate, including Continental, Primedia and Painel, which is owned by Mozambican advertising agency Golo. (macauhub)