Carrefour has sold a 40% stake in its Indonesian business to local conglomerate Para Group, the French retailer confirmed today (16 April).
Trans Corp., the holding company of Para Group’s media, lifestyle and family entertainment units, is acquiring the shareholding in PT Carrefour Indonesia for an undisclosed sum.
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Carrefour started operations in Indonesia in 1998 and now operates 79 stores – 63 hypermarkets and 16 supermarkets. The unit’s gross turnover amounted to EUR890m in 2009.
Earlier this year, Carrefour won an appeal against Indonesia’s competition regulator, which had ruled the company had to sell a stake in a local business. The anti-trust body had argued that Carrefour had breached competition laws.
Yesterday (15 April), Carrefour revealed that its global first-quarter sales rose by 2.3%, excluding petrol.
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