Angola | Sumol+Compal Group increases investment

The Angolan subsidiary of Portuguese group Sumol+Compal plans to increase its investment in Angola by building a USD51 million factory, as part of a project launched in 2013, according to Portuguese news agency Lusa. The project, which initially involved investment of US$28 million, was approved by the government of Angola in September 2013, included construction of a factory in Angola for bottling juices and soft drinks of the group’s brands. For the project, the Portuguese group joined Angolan partners to form Sumol+Compal Angola Invest, in which it holds a stake of 50.1 percent. The value of the investment agreement signed with the Angolan National Private Investment Agency (ANIP) has now been increased by US$51 million, “an amount that has already been applied by transferring funds from abroad,” according to an addendum approved by presidential decree. The increased investment is explained by a “need to acquire infrastructure in Luanda for the implementation of the project.”