South African chain Shoprite plans to invest US$572 million in supermarkets and other business units in Angola, according to an order published in the Official Gazette cited by financial news agency Bloomberg.
The order appoints a committee that will negotiate with the South African chain based in Cape Town granting tax and other benefits stipulated in the Private Investment Law in Angola.
Part of the amount to be invested in Angola, which overtook Zambia to become the second largest market for the supermarket chain, will be used to modernise and expand some existing supermarkets.
Shoprite said that even with the drop in oil prices, the market had a good performance and that a large supermarket near the capital, Luanda, which had burned down over a year ago, would be rebuilt and reopened.
The South African chain, which initially invested US$50 million in Angola, has 2,188 stores in 15 countries, most of them in South Africa. (macauhub/AO)