Walmart China said it has received regulatory approval to buy out the remaining stake of Trust-Mart, a Chinese supermarket chain, which it doesn't already own. Antitrust assessment of the purchase has been completed, and the deal is expected to be finalized by the end of June, according to Walmart China. Walmart China originally paid $264 million for a 35% stake in Trust-Mart and offered a $376 million loan to its shareholders for a 30% voting right in 2007.
Trust-Mart was founded in 1998 in Guangzhou, the capital of Guangdong province. It was operating 104 stores across China's largest cities and employed over 30,000 people in 2009, during which it reported ¥16.5 billion in revenues. Walmart was operating 333 stores in China by the end of April; its revenue from China climbed to $7.5 billion last year.
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