A spokesperson said that the transaction is an expression of Slape's confidence in Massmart.
The company suffered a loss of more than R1 billion over the past six months - and lost 80% of its market value over the past decade.The American CEO of Massmart, which owns Makro, Game and Builders Warehouse, has just bought almost R8.2 million in shares in the company. In three transactions over recent days, his family trust bought 300,000 shares at an average price of R27.29.
“The transaction is not part of Mitch’s executive remuneration. Rather it is an expression of his confidence in Massmart,” a spokesperson told Business Insider SA.”, Slape has been with the US giant for almost a quarter of a century. For much of that time, he was involved in Walmart’s businesses outside of the US – in Mexico, India and Japan.