Work Tales - C________ to stay in Malaysia, Singapore.
French retail giant said on Thursday that it had abandoned the planned sale of its Malaysia and Singapore stores, pledging instead to build up its market share in the Asian nations. The world's second-biggest retailer behind US colossus Wal-Mart; had said this week it was offloading its 42 stores in Thailand and was also looking to sell its 23 Malaysian and two Singaporean outlets. But the firm decided to retain its presence in Malaysia and Singapore following a "strategic review", chief executive Lars Olofsson said in a statement issued in Malaysia. "We have decided not to sell our operations in Malaysia and Singapore because their market position and their growth prospect are consistent with our strategy," Olofsson said. Reports emerged in July that Carrefour was planning to sell its businesses in all three Southeast Asian countries in an apparent bid to consolidate and shift resources to the booming Indian market.
(Source: By Agence France-Presse)
Whew…what a relief…when the news broke out in July…memories of the 2006 take-over starts to come back to me. It was the year where the English have bought over M13. I cannot be that lucky right! Second time take-over? Lighting does not strike twice on the same place. Scientifically & technically. Even though the sales is being put on hold; but it’s for this year, it can’t guarantee what will happen next year right? Besides, I think that the planned auction did not attract high enough bids to convince the French. They are the most calculative race ever :)
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