Massmart CEO Grant Pattison. Photo: Simphiwe Mbokazi. Massmart Holdings, the South African retailer majority owned by Wal-Mart , plans to open 23 new stores in the next eight months, its chief executive said in a statement. “In the next eight months alone, we will be opening 23 new stores,” Grant Pattison said in a statement on Saturday. Wal-Mart in June finalised its $2.4 billion purchase of 51 percent of Massmart. South Africa's government has since said it would push Wal-Mart to rejig the conditions of the deal, citing concern that Wal-Mart's expansion could squeeze local suppliers and lead to
New York City -- Massmart, now majority owned by Wal-Mart Stores, said on Sunday it aims to create 15,000 jobs in the next five years. The company also said it plans to expand its procurement of food and consumer goods by an additional $8.74 billion during the same period. “Massmart intends to leverage Wal-Mart's global expertise in working directly with local farmers to encourage the cultivation of safe, high-quality fresh produce," Massmart CEO Grant Pattison said in the statement.
Massmart Holdings Ltd. promised to add jobs if Wal-Mart is allowed to buy a controlling stake in the South African wholesaler, CEO Grant Pattison said. His remarks were made on Monday at a tribunal in Pretoria, South Africa that will determine whether Wal-Mart will be able to go through with the deal. “We’ll add about 20 percent more trading space over the next three years,” Pattison said, according to Bloomberg. Growth in floor space will be accompanied by additional jobs, while current posts will also be secure, he said. Wal-Mart is looking to buy 51 percent of Massmart.
South Africa’s competition watchdog has recommended that Wal-Mart Stores’ proposed takeover of the country’s retail chain Massmart be unconditionally approved without conditions. Wal-Mart made a $2.4 billion bid for Massmart in November, and a vast majority of the target company’s shareholders voted to approve the deal last month.