Portuguese group buys two supermarkets in Mozambique

22 September 2016

Sonae MC, of Portuguese group Sonae, has bought two food retail stores in Mozambique in partnership with Satya Capital, the group said in a statement released Wednesday by the market regulator.

The statement sent by the Sonae group to the Portuguese Securities Market Commission (CMVM) said total investment was US$6 million and will be “shared between Sonae MC and Satya Capital in a ratio of 30/70, respectively.”

The statement from the group says nothing about the size or location of the stores covered by this partnership, but notes that

Satya Capital is an “independent investment firm founded by Mohamed Ibrahim, focused on providing capital for investment in Africa.”

The Sonae group entered Mozambique in December 2014, with the opening of its MO fashion store, and a year later added to its presence in the country by opening its first Zippy store, retailing children’s clothing.

The Satya International website says that Mohamed Ibrahim was the founder of Celtel, an African telecom operator established in 1998.

The company was sold in 2005 to MTC Kuwait for US$3.4 billion, in what was one of the most successful business deals in Africa. (macauhub/MZ/PT)