{"id":6403,"date":"2011-12-24T00:43:51","date_gmt":"2011-12-23T22:43:51","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/angola-oks-portuguese-retailer-sonae-to-set-up-shop\/"},"modified":"2011-12-24T00:43:51","modified_gmt":"2011-12-23T22:43:51","slug":"angola-oks-portuguese-retailer-sonae-to-set-up-shop","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/angola-oks-portuguese-retailer-sonae-to-set-up-shop\/","title":{"rendered":"Angola OKs Portuguese retailer Sonae to set up shop"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">LISBON<\/span> Dec 23 (Reuters) &#8211; Angola&#8217;s government has<br \/>\napproved the entry of Portugal&#8217;s largest retailer Sonae<br \/>\ninto the southern African country&#8217;s food retail market with a<br \/>\n$103 million investment, the cabinet said.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>It said Sonae&#8217;s request has been approved under a new<br \/>\nprivate investment law passed in April to attract overseas<br \/>\ninvestors by offering incentives including tax breaks.<\/p>\n<p><span><\/span><\/p>\n<p>Angola&#8217;s food retail market has attracted interest from<br \/>\nmajor players, with U.S. retail giant Wal-Mart planning<br \/>\nto enter one of the continent&#8217;s fastest-growing economies<br \/>\nthrough its Massmart unit.<\/p>\n<p><span><\/span><\/p>\n<p>South African retailers Woolworths and Pick n Pay<br \/>\n are also eyeing a presence in the country.<\/p>\n<p><span><\/span><\/p>\n<p>Sonae&#8217;s domestic market is under pressure due to painful<br \/>\nausterity measures imposed by the terms of Portugal&#8217;s<br \/>\ninternational bailout and the company has expanded overseas by<br \/>\nopening stores in Spain, Turkey, Egypt and Kazakhstan.<\/p>\n<p><span><\/span><\/p>\n<p>In April, Sonae announced a partnership for the Angolan<br \/>\nmarket, taking 49 percent in a joint venture with Condis,<br \/>\ncontrolled by Isabel dos Santos, daughter of the country&#8217;s<br \/>\nlong-serving President Jose Eduardo dos Santos.<\/p>\n<p><span><\/span><\/p>\n<p>Sonae board member Luis Reis said in September the company<br \/>\nplans to launch its operation in Angola in 2013, opening up to<br \/>\nfive hypermarkets in the capital Luanda in a first phase.<\/p>\n<p><span><\/span><\/p>\n<p>He added that Sonae will operate the hypermarkets rather<br \/>\nthan invest in the real estate for the stores, and hopes to open<br \/>\na logistics centre and create ties to the local agricultural<br \/>\nsector to gain competitive advantage. [ID: nL5E7KM48S]<\/p>\n<p><span><\/span><\/p>\n<p>Sonae shares were up 2.5 percent at 1604 GMT, outperforming<br \/>\nthe broader index in Lisbon which was 1.3 percent higher. \t<\/p>\n<p> (Reporting by Shrikesh Laxmidas; Editing by Erica Billingham)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2011 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LISBON Dec 23 (Reuters) &#8211; Angola&#8217;s government has approved the entry of Portugal&#8217;s largest retailer Sonae into the southern African country&#8217;s food retail market with a $103 million investment, the cabinet said. It said Sonae&#8217;s request has been approved under a new private investment law passed in April to attract overseas investors by offering incentives [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6403","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6403"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6403\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}