China's Wumart proposes up to RMB 1.3 billion of medium-term notes

By Marisa Wong

Madison, Wis., Sept. 28 - Wumart Stores, Inc. plans to issue up to RMB 1.3 billion of medium-term notes in China.

The notes will be offered in one or more tranches with maturities not exceeding five years.

Proceeds will be used to optimize the company's capital structure and to replenish operating capital.

The proposed notes are subject to shareholders' approval at an upcoming general meeting. Once granted, the approval will be valid for 36 months.

Wumart is a Beijing-based retail company.

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