It marks a major step in the French retailer's plan to cut its debts.

Big C is a leader in food retail and commercial real estate in Thailand with a large network of more than 700 stores, including 125 hypermarkets, and a turnover of 3.4 billion euros last year.

It has signed a contract to sell its 58.6 per cent stake in Big C at 252.88 baht ($7.1) per share, a 28 per cent premium to Big C's market price when the stake sale plan was announced on January 14, the French retailer said in a release.

The sale is expected to be completed by March 31.

In December Casino Group had revealed plans to sell its Big C supermarket chain in Viet Nam as well as Thailand and Colombia to strengthen its financial flexibility.

The sales of its Vietnamese retail operations and some of its real estate holdings in Colombia are ongoing.

A Big C Viet Nam spokesperson said recently that some local newspapers had reported that the sale of the Viet Nam operations was completed.

"This information is incorrect," he said, adding that the process of selling the wholly-owned Big C Viet Nam is just in the beginning stage.

Casino has received expressions of interest from Lotte Shopping of South Korea, Singapore's Dairy Farm, Thai retail giants Berli Jucker and Central Group, and Japanese retail group Aeon.

Big C is among several major foreign retailers in Viet Nam and a big player in the retail sector.

VNS