Walmart takes Massmart private to revive South African business

  • 📰 BusinessTechSA
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 61%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Walmart Inc plans to take Massmart Holdings private and will promote the unit’s chief operating officer to head of the company as it prepares to renew its focus on South Africa.

The global retail giant plans to buy all of the shares it doesn’t already own of Massmart for R62 apiece, a 53% premium to the last closing price, and delist the company from Johannesburg’s main bourse. Jonathan Molapo, who joined Massmart in January as COO will take over as chief executive officer a year after he joined the company.Walmart is preparing for increased competition amid press reports that Amazon.com Inc is planning to expand into Africa’s most-industrialized nation.

Walmart has been exiting low-growth markets and concentrating on partnerships or stakes in local participants. The company has sold Asda in the UK, Seiyu in Japan and its Argentina operations. Still, Game is struggling, even after the broad cost cuts. Slape has also faced a string of difficulties ranging from pandemic-induced supply chain problems to a week of deadly South African riots a year ago.Massmart on Monday also reported a first-half net loss of R1.1 billion, widening from a loss of R1.09 billion a year earlier. The company also has R14.9 billion of debt as of Dec. 31, according to data compiled by Bloomberg.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Dear Walmart & USEmbassySA South Africa can kick start its economy by: 1- Remove all racist BBBEE laws 2- Remove all labour law red type 3- Reduce Company Income tax to 22%! NumsaMustFall SaftuMustFall eNCA DStv403 Newzroom405

Now get rid of game

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 24. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Massmart appoints new chief executive amid Walmart acquisitionUS retailer Walmart is set to acquire the outstanding shares that it does not already own in South African retailer, Massmart.
Source: BusinessTechSA - 🏆 24. / 61 Read more »