Kazakhstan’s Magnum Cash & Carry has entered into an agreement to purchase Majid Al Futtaim LLC Uzbekistan, which owns three Carrefour-branded hypermarkets in Central Asia's most populous country.
Magnum will assume full control over the activities of Majid Al Futtaim after the transaction is closed and all regulatory requirements are met.
All the Carrefour stores will be closed for a short time before they are reopened under the Magnum brand. The goods assortment and offers similar to what is provided by the Kazakhstan network of Magnum will be available to customers.
The staff of the hypermarkets that operated under the French international brand will transfer to Magnum. Both companies said they planned to ensure a smooth transition for employees, suppliers and other stakeholders, while also minimising inconvenience for customers.
Magnum’s intention to open its first store in Uzbekistan were unveiled in December 2021.
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