Carrefour CEO Lars Olofsson has decided not to pull out of Malaysia and Singapore

Carrefour CEO Lars Olofsson has decided not to pull out of Malaysia and Singapore

Carrefour has reportedly cancelled plans to sell its operations in Malaysia and Singapore.

The retailer now plans to retain its 23 stores in Malaysia and two outlets in Singapore, according to reports in the Wall Street Journal.

The French retail giant said it had decided to retain its presence in Malaysia and Singapore, after the planned auction did not attract bids that would have justified proceeding.

"We have some very encouraging growth prospects in Malaysia. "We can create much more value by doing it ourselves," Carrefour chief executive Lars Olofsson said.

He added: "Emerging markets are going to be the major engine of growth in the medium and long term for our company."

Earlier this week the world's second-largest retailer sold its 42 Thai stores to fellow French operator Casino.