Data provided by McGregor BFA
All data is delayed
Loading...
See More

Massmart 'may ditch Zimbabwe'

Oct 19 2010 17:17 I-Net Bridge

Related Articles

'Walmart will change SA retail'

Traders fear Wal-Mart entry

Union readies first Walmart salvo

Walmart may start price war in SA

Walmart bid may lure others to SA

Massmart tries to allay Walmart fears

 
Johannesburg - Massmart, the South African retailer Walmart is in talks to acquire, said it could pull out of Zimbabwe if that country goes ahead with current plans to increase black ownership of foreign firms.

"Should the indigenisation act be implemented in its current format, Massmart Holdings [JSE:MSM] will have to reconsider its position in Zimbabwe," Grant Pattison, Massmart's chief executive officer, told Reuters.

Zimbabwe's government published regulations earlier this year that would force foreign-owned firms to sell 51% of their shares to to black Zimbabweans, a move that spooked investors.

Massmart, South Africa's third-largest retailer by value, runs two of its Makro discount stores in Zimbabwe, but does not consolidate them into its financial results.

Wal-Mart is in exclusive talks to buy Massmart, a $4 billion deal that would give the US retailer a big presence in fast-growing Africa and boost its emerging markets strategy.
massmart holdings
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

ANCYL: Not voting would be blasphemy

Not voting in the forthcoming elections would be blasphemy, the ANCYL says in a statement commemorating the 50th anniversary of struggle icon Nelson Mandela's Rivonia trial speech.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...