Wal-Mart will raise its stake in Seiyu from over 42 per cent to more than 50 per cent at a cost of almost $600 million, according to the Japan-based retailer.
Wal-Mart currently operates over 400 stores in Japan, the world’s second biggest retail market, and has gradually been raising its stake in Seiyu.
The capital investment is subject to shareholders’ approval in December 2005, said Seiyu.
Just ten days prior, on 20 September, the retail giant announced the purchase of one third of Central American Retail Holding Company (CARHCO) from Dutch retailer Royal Ahold.
CARHCO is Central America’s largest retailer and enjoyed sales of approximately $2 billion in 2004.