Print

Wednesday, 19 April 2017

South African food retail group announces investments in Angola

South African group Shoprite plans to invest US$571.7 million in the expansion of its supermarket and distribution network in Angola under an investment contract signed with the Technical Unit for Private Investment (UTIP). The project involves opening 15 shopping centres over the next five years, 22 supermarkets (three already in operation since 2015), a warehouse and two residential structures for staff, as well as improvements in four supermarkets. The investment will cover 11 of Angola’s 18 provinces and includes the creation of 5,613 jobs for Angolans, of which 3,278 in Luanda. The contract with the UTIP provides for tax incentives to be granted to the Shoprite group, such as the reduction of 65% in the payment of Industrial, Capital and Property taxes for a period of 10 years. The Shoprite group, established in South Africa in 1979, is present in Angola through the companies Shoprite Supermercados, Mercado Fresco de Angola and Shoprite Angola Imobiliária.

Source: Macauhub