Carrefour to sell business in Malaysia
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The French retail giant Carrefour plans to sell its business in Malaysia, according to a minister, and there is speculation that it will exit south-east Asia altogether, selling its Singapore and Thai stores as well.
"We heard that Carrefour is considering divesting. It is for the purpose of rationalisation of their overseas business," deputy trade minister Mukhriz Mahathir told the AFP news agency on Monday.
He said other hypermarkets are eager to take over the company’s 23 stores in Malaysia.
Potential buyers, who are already present in the Malaysian market, include Britain's Tesco, Japan's Jusco, and Giant, which is owned by the Dairy Farm group.
Carrefour, the world's second largest retail distributor, is likely consolidating its business in order to concentrate on the Indian market, which is growing much faster than elsewhere in Asia.