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The Associated Press reports that Seiyu Ltd. shareholders approved the addition of five nominees from Wal-Mart to its board of directors, further cementing its relationship with the company that owns more than a third of its stock.

The company says that operational and supply chain advantages shared by Wal-Mart will start to be seen in its balance sheet later this year.

"We can now say that we are truly working effectively with Wal-Mart at all levels, and across all business areas, to instigate and motivate positive change from within Seiyu," Seiyu president Masao Kiuchi told the AP.
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