Continuing its strategy of refocusing on its core markets, French retailer Carrefour has sold its 60 per cent stake in Carrefour Indonesia to its local partner, CT Corp which thus becomes Carrefour’s exclusive franchisee in the country.

The transaction is valued at €525 million (US$672 million).

Present in Indonesia since 1998, Carrefour is the third-largest retailer in the country with 84 outlets (including 70 hypermarkets) and net sales of €1 billion in 2011.

“Carrefour expresses its full confidence in CT Corp’s ability to continue to successfully develop the brand and strengthen its position in the Indonesian market,” said Carrefour in a statement.

The sale is the latest move by the French retailer to refocus core activities and allocate resources to more mature markets where it occupies strong positions. Earlier this month, it sold its Malaysian operations to Japanese retail group Aeon for €250 million (US$324 million). It will also exit Singapore this year.

GB