Angolan retail and distributor Sodosa Group announced a $40 million investment in four new stores of supermarket chain Mangolê. The investment will also cover the construction of two new distribution centres in Luanda and Benguela.

Sodosa Group has announced an expansion of its Mangolê supermarket chain, following a $40 million investment in the store network. According to company officials, the expansion is going to be entirely supported by the group due to its inability to get bank financing. The Sodosa Group was dealt a big blow by the economic and financial crisis that struck Angola in the past few years. The company’s workforce has been cut by more than half since then.

However, Sodosa seems to be recovering from the financial crisis and the company believes in the Mangolê brand. Sodosa’s CEO, Mr. António Soares, said during the announcement that the group store expansion would be greater should Sodosa get outside capital. Mr. Soares stressed that, although Sodosa was not a large company, it had now a solid financial situation and had been able to suppress all of its debts. Mr. Soares said, however, that the trading environment in Angola was still very challenging and that, especially for those businesses importing products, the lack of foreign currency is a constant problem.

Apart from four new Mangolê stores, the investment will also cover the building of two distribution centres, in Luanda and Benguela. The new centres will likely not only support the Mangolê chain but also the group’s wholesale outlets, Mercadão Mangolê.