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

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Apparel/Garments | On 22nd Feb 2017

Amazon UK to create 5,000 full time jobs this year

Amazon UK said it will create more than 5,000 full time jobs this...

Textiles | On 22nd Feb 2017

Telangana CM seeks better life for handloom weavers

Chief minister of Telangana, K Chandrashekhar Rao assured handloom...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search