US retailer Walmart Stores is set to acquire the outstanding shares that it does not already own in South African retailer, Massmart.
This represents a 53% premium to the last closing price, with Massmart delisting from the JSE, where it has a market value of about R8.9 billion, noted Bloomberg. The potential offer, if finalised, will provide Massmart with needed access to ongoing financial and operational support from Walmart to sustain the group’s turnaround, which has been impeded by external factors such as Covid-19-related trading restrictions, civil unrest in KwaZulu-Natal, and a challenging economic environment, the group said.
Massmart also published its interim results on Monday , noting that total sales from continuing operations for the 26 weeks to 26 June 2022 of R38.1 billion represented an increase of 1.9%, with comparable store sales increasing by 4.3%. Sales from our online platforms grew by 50% compared to the prior year period, and Gross Merchandise Value increased by 108.0% over the same period, the group said.
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