Johannesburg - US retailer Walmart said on Monday it has completed its acquisition of a controlling stake in Massmart Holdings [JSE:MSM]
and is naming three new members to its board.
Competition authorities approved Walmart's R16.5bn bid for 51% of Massmart with minimal conditions last month, although the government has said it still reserves the right to take legal action against the deal.
The world's largest retailer said in a statement it had completed its investment and that it expected to create "many jobs" and support local suppliers in its newest market.
Walmart, which is now entitled to nominate the chairperson and three non-executive directors to Massmart's board, said it asked current chair Mark Lamberti
to remain in his position.
It also nominated executives Doug McMillion, Jeff Davis and JP Suarez to the board.
McMillon is the head of Walmart's international business, while Suarez is a senior vice-president of international business development. Davis is a senior vice-president at Walmart International's finance and treasury unit.
Massmart said in a separate statement that Dods Brand, Kuseni Dlamini
, Jim Hodkinson, Nigel Mathews, Peter Maw
and Dawn Mokhobo
had resigned from its board.