Portugal’s Sonae and Angolan company Condis have signed an agreement for the Portuguese company to enter the Angolan market with a network of Continente branded hypermarkets, Sonae said Friday in a regulatory filing with Portuguese stock market regulator CMVM.
“The agreement will be established by setting up a partnership that will be 51 percent owned by Condis and 49 percent by Sonae, in which relevant decision will be shared, and operational management will be Sonae’s responsibility,” said the statement issued by the Portuguese group.
Also according to the statement, this strategic partnership “brings together the technical knowledge and retail experience that Sonae has with Condis’ knowledge of the Angolan market,” although the project is still “subject to final approval from the Angolan authorities.”
The launch of the first hypermarket is expected to take at least 18 months, said Luís Moutinho, chief executive of Sonae MC, Sonae’s sub-holding for food retail.
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