Home / Knowledge / News / Wal-Mart finalizes its 51% stake in Massmart
Wal-Mart finalizes its 51% stake in Massmart
21
Jun '11
Wal-Mart Stores Inc announced that the company has completed its investment for a 51% stake in South African-based Massmart Holdings Limited for ZAR148.00 per Massmart ordinary share.

Doug McMillon, president and CEO of Walmart International, said, "With the closing of our investment in Massmart, we are very excited about our entry into South Africa as well as the broader African continent. As we do in all of our other markets, we will work to serve underserved customers, to help people save money to live better. Just as important, we will grow in this part of the world, and as we do, we expect to create many jobs and support local suppliers. We have a global track record of working directly with small farmers, boosting their income and helping them become more sustainable, and we look forward to bringing those practices to South Africa."

Massmart will continue to trade on the JSE Limited to provide Massmart shareholders with the ability to participate in the growth opportunity of the combined entity.

In terms of the transaction agreement, Walmart is entitled to nominate the chairman and three non-executive directors to the Massmart Board. Walmart has asked current Massmart chairman Mark Lamberti to remain as chairman, while the Board will be further strengthened by Walmart executives Doug McMillon, Jeff Davis, Wal-Mart Stores, Inc. senior vice president, Finance & Treasury, and JP Suarez, senior vice president, Walmart International Business Development.

McMillon concluded, "We're committed to partnering with government and key stakeholders, and we will encourage others to invest in Africa's vibrant economy, because the more we learn about South Africa and the surrounding countries, the more we're convinced this is an important region with attractive growth characteristics. It's a combination that fits with our strategy to enter high growth markets where we can apply our global expertise and generate strong returns for shareholders."

Wal-Mart Stores Inc

Must ReadView All

Courtesy: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search