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Portuguese Sonae buys two retail food stores in Mozambique
2:20 CAT | 23 Sep 2016
File photo / Paulo de Azevedo, Sonae CEO
Sonae announced on Thursday that it has bought two food retail stores in Mozambique in an investment worth US$6 million (5.3 million euros at current exchange rates).
The deal is a partnership with the investment firm Satya Capital, an independent investment company founded by Mohamed Ibrahim, which focuses on providing capital for investments in Africa.
A statement sent to the Portuguese Securities Market Commission declares that: “Sonae (SGPS, SA) announces that in a partnership between Sonae MC (Sonae MC) and Satya Capital (Satya), two food retail stores in Mozambique have been acquired. The total estimated investment amounts to six million dollars, shared between Sonae MC and Satya in a ratio of 30:70 respectively.”
Source: Lusa
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