French retail giant Carrefour plans to sell its business in Malaysia. These sales occurred amid speculation that the company will offload from Singapore and Thailand and Southeast Asia out of altogether.
"We heard that Carrefour is considering divestment. This is for the purpose of rationalization of their businesses overseas," said Deputy Trade Minister of Malaysia Mukhriz Mahathir, quoted by the AFP.
He said that Carrefour parties want to sell their business (in Malaysia) and added that other hypermarkets like taking over 23 Carrefour stores in the country. "There are many applicants," he said.
Marketing and Communications Director of Carrefour in Malaysia, Low Ngai Yuen, refused to respond the comments.
Meanwhile, Chief Economist of the financial companies of RAM Holdings, Yeah Kim Leng said Carrefour's departure from Southeast Asia have been well characterized.
"The news has been around for some time. It was common knowledge that Carrefour wants to pull back and out from Malaysia, Thailand, and Singapore. They have put an external antenna for the industry of their plans,".
Yeah said Carrefour wants to consolidate its business and move resources to the market in India is booming. "This is not surprising for them to move to India. Middle-class segment is a group that develops large."
The New Straits Times last month reported that Carrefour has booked $ 1 billion for its business in Malaysia, Singapore, and Thailand.
Yeah said the industrial growth of hypermarkets in Malaysia are not spectacular compared to the opportunities presented by the rapidly growing Indian market, though still profitable. "Manufacture of hypermarkets in Malaysia is a dynamic and highly competitive."
He added, considering the growth potential in this area, it is likely to see another player to buy Carrefour.
"Players who come out will be able to find applicants. Another player in the Malaysian market which is likely buyers include British Tesco outlets of Carrefour, Jusco Japan, and Giant, which is owned by Dairy Farm group,".
"We heard that Carrefour is considering divestment. This is for the purpose of rationalization of their businesses overseas," said Deputy Trade Minister of Malaysia Mukhriz Mahathir, quoted by the AFP.
He said that Carrefour parties want to sell their business (in Malaysia) and added that other hypermarkets like taking over 23 Carrefour stores in the country. "There are many applicants," he said.
Marketing and Communications Director of Carrefour in Malaysia, Low Ngai Yuen, refused to respond the comments.
Meanwhile, Chief Economist of the financial companies of RAM Holdings, Yeah Kim Leng said Carrefour's departure from Southeast Asia have been well characterized.
"The news has been around for some time. It was common knowledge that Carrefour wants to pull back and out from Malaysia, Thailand, and Singapore. They have put an external antenna for the industry of their plans,".
Yeah said Carrefour wants to consolidate its business and move resources to the market in India is booming. "This is not surprising for them to move to India. Middle-class segment is a group that develops large."
The New Straits Times last month reported that Carrefour has booked $ 1 billion for its business in Malaysia, Singapore, and Thailand.
Yeah said the industrial growth of hypermarkets in Malaysia are not spectacular compared to the opportunities presented by the rapidly growing Indian market, though still profitable. "Manufacture of hypermarkets in Malaysia is a dynamic and highly competitive."
He added, considering the growth potential in this area, it is likely to see another player to buy Carrefour.
"Players who come out will be able to find applicants. Another player in the Malaysian market which is likely buyers include British Tesco outlets of Carrefour, Jusco Japan, and Giant, which is owned by Dairy Farm group,".
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