Koç Holding has announced that it has appointed the investment bank JP Morgan to “explore possible opportunities” regarding the leading Turkish supermarket chain Migros Türk T.A.S., which could include the sale of its shares in the company.

Koç, which owns a majority stake in Migros Türk, said it had carried out strategic evaluations regarding the Turkish retailer as part of its revised strategic plan.

Last month, Koç’s CEO Bülent Bulgurlu told the Turkish Financial Times that a decision concerning Migros’ future ownership would be made “in the next month”.

Several international retail groups, including Carrefour, Tesco and Metro, as well as the Turkish retailer BIM, are thought to be potential bidders for the company.