U.S. retailer Wal-Mart announced on Monday it had completed its acquisition of a controlling stake in South African firm Massmart, and was naming three new members to its board.

Competition authorities approved Wal-Mart's $2.4 bid for 51 percent of Massmart with minimal conditions last month, although South Africa's 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.

Wal-Mart, which is now entitled to nominate the chairman and three non-executive directors to Massmart's board, said it asked current chairman 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 Wal-Mart's international business, while Suarez is a senior vice-president of international business development. Davis is a senior vice-president at Wal-Mart 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.

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