Wumart Stores Inc, a Chinese supermarket operator, announced on Tuesday that it is proposing to purchase outlets from retailer C.P. Lotus Corp through a share-swap deal valued at HK$2.89 billion ($372.7 million).

Wumart said that it has signed a framework agreement with Lotus, the flagship retail company in China controlled by the Charoen Pokphand Group of Thailand.

It also said that it will subscribe to shares and convertible preference shares from C.P. Lotus for HK$547.9 million.