Portuguese retailer Sonae and Angolan company Condis plans to work together to establish a chain of Continente branded hypermarkets in Angola.
The deal will mark Sonae’s first venture in the Angolan market, the company said on Friday (15 April) in a regulatory filing with Portuguese stock market regulator CMVM.
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“The agreement will be established by setting up a partnership that will be 51% owned by Condis and 49% by Sonae, in which relevant decision will be shared, and operational management will be Sonae’s responsibility,” Sonae said.
This strategic partnership “brings together the technical knowledge and retail experience that Sonae has with Condis’ knowledge of the Angolan market”, the company added.
A spokesperson for the compny indicated that the first hypermarket is not expected to open in Angola for “at least” 18 months, as the deal is still awaiting regulatory approval.
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