BENTONVILLE (dpa-AFX) - The Walton family has informed Wal-Mart Stores Inc. (WMT) that it currently expects to sell Walmart shares from time to time in order to help offset possible further increases in its ownership percentage and to help fund charitable contributions.
The family believes that this is consistent with an appropriate balance of family and non-family ownership that supports the goals of all Walmart shareholders and long term business success.
As a result of Walmart's stock buyback programs over the last several years, the percentage of common stock owned by Walton Enterprises, LLC has risen to approximately 50 percent.
In order to facilitate these sales, the Walton family has informed Walmart that approximately 6 percent of Walmart's outstanding shares are being distributed to a newly formed entity, the Walton Family Holdings Trust. The Walton family has informed Walmart that the Trust has no set timetable for the sale of shares and anticipates this may take place over a period of years.
Copyright RTT News/dpa-AFX