In a deal worth well over half a billion dollars the French retailer is to sell a 60 per cent stake in Carrefour Indonesia to local partner, CT Corp.
The move is the latest in an ongoing retreat from South East Asia that saw the group sell off its Thai operations in 2010 and earlier this year close both of its hypermarkets in Singapore. Fruitnet.com understand Carrefour is also looking to sell its Malaysian operations but has struggled to find a buyer.
According to a Euronews report, South East Asia accounts for just 8.9 per cent of Carrefour’s global revenue compared with more than 72 per cent in Europe.
New CEO Georges Plassat is hoping to turn around the company’s poor results of late by selling off overseas interests.
Revenue generated from the sale of these operations will be used to upgrade stores in Western Europe, and in particular its 5,300 convenience stores there.
Pan Asian retailer Dairy Farm also looks to be downscaling its presence in Indonesia after offering up to US$152m worth of shares in local retail chain Hero Supermarkets earlier in the month.
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