Portugal's Sonae Terminates Joint Venture In Angola
Portugal's Sonae has sold its 49 per cent stake in a joint venture for the launch of the Continente hypermarket chain in Angola.
Condis was set up in partnership with local businesswoman Isabel dos Santos, with the intention of opening five hypermarkets in Luanda, starting in 2013. However, the project never materialised.
Dos Santos has now announced the launch of a new hypermarket brand in Angola called Candando, Two manager that were previously working for Sonae will be involved in the project. The first, out a total of ten stores, should be opened in the first half of 2016 in the capital Luanda.
The expected investment is about US$ 400 million (€356 million) over the next five years.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.