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Home  >>   Daily News  >>   Malaysia  News  >>   Retail  >>   Carrefour leaving Malaysia
NEWS UPDATES 25 August 2010

Carrefour leaving Malaysia

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French retail giant Carrefour plans to sell its Malaysian business in Malaysia, a minister said, amid speculation the firm will also offload its Singapore and Thai stores and exit Southeast Asia altogether.

“We heard that Carrefour is considering divesting. It is for the purpose of rationalisation of their overseas business,” Deputy Minister of International Trade & Industry Datuk Mukhriz Mahathir said late Monday.

“They want to sell their business (in Malaysia),” he said, adding that “other hypermarkets are keen to take over” Carrefour’s 23 stores in the country.

“There are many suitors,” he said.

Low Ngai Yuen, Carrefour’s marketing and communications director, declined to respond to the comments.

Yeah Kim Leng, group chief economist with financial research firm RAM Holdings, said Carrefour’s impending departure from Southeast Asia had been well flagged.

“The news has been around for some time. It is an open secret that Carrefour wants to pull out from Malaysia, Thailand and Singapore. They have put feelers out to the industry on their plan,” he said.

Yeah said Carrefour wanted to consolidate its business and move its resources to the booming Indian market.

“It is not surprising for them to move to India. The middle class segment is a large expanding group,” he said.

Last month it was reported that Carrefour had put a tag of US$1.0 billion collectively on its business in Malaysia, Singapore and Thailand.


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