WALMART CLOSES INVESTMENT IN 51% STAKE IN MASSMART

Walmart announced yesterday 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."