Upon completion of the transaction, Wumart will own a 75% equity interest in Mei Lian Mei, while the minority shareholders, who are also the principle members of the management team, shall own the remaining 25%.
According to Wumart, Mei Lian Mei is the fourth largest Beijing supermarket chain operator in terms of sales, and it is estimated that the chain's net profit in 2006 will maintain a growth rate of no less than 20%.
Dr Zhang Wenzhong, chairman and president of Wumart, said, "Wumart and Mei Lian Mei share the same mission of developing modern retailing industry in China. The store networks are complementary in locations, of which the strategic collaboration will further strengthen Wumart's leading position and enhance its competitiveness in northern China."
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