Wal-Mart Stores Inc. has closed on its investment in South African-based Massmart Holdings, taking a 51 percent stake in the company.
The investment entitles Wal-Mart to nominate the chairman and three non-executive directors to the Massmart board. Wal-Mart said it has asked current chairman Mark Lamberti to remain in that post.
Doug McMillon, president and chief executive officer 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.”