Walmart proposes to increase stake in South Africa’s Massmart

2022.08.29 08:33

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FILE PHOTO: A worker arranges fruits on a shelf at Makro Store Riversands of South African retailer Massmart in Midrand, South Africa, August 28, 2019. REUTERS/Siphiwe Sibeko

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JOHANNESBURG (Reuters) – U.S Walmart (NYSE:WMT) Inc, which owns a majority stake in South Africa’s Massmart, has proposed to buy the remaining shares in the retailer at 62 rand ($3.65) each, Massmart said on Monday as its half-year loss widened.

If the offer is made and implemented, it would result in the delisting of Massmart, Massmart said.

($1 = 16.9872 rand)

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