Shoprite International, Africa’s largest food retailer, intends to invest $572 million in Angola, opening up new supermarkets and business units. It will also upgrade its existing chain of Angolan stores. This according to a recent statement published in the government gazette.
While no period for the full investment was noted, an initial investment figure of $50 million was stipulated. The statement also said that Angolan President, Jose Eduardo dos Santos, has appointed a commission to negotiate potential tax breaks and other incentives for the company.
In the second half of last year, Angola replaced Zambia as Shoprite's biggest contributor of sales outside South Africa. The market performed well, despite oil prices dropping (Angola being Africa's second-largest oil producer).
Shoprite currently has 2,188 stores across 15 countries, and the company is valued at around R94 billion.
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