NSTbusiness: Tesco, Britain’s biggest retailer, said on Monday it had agreed to sell its businesses in Thailand and Malaysia to a combination of CPGroup entities for an enterprise value of US$10.6 billion.
The UK supermarket group kicked off a review of its Asian businesses in December after receiving interest in the assets, signalling a further retreat from its once lofty global ambitions.
Following completion of the disposal to the Thai group controlled by Dhanin Chearavanont, Tesco intends to return cash to shareholders via a special dividend with an associated share consolidation. Tesco said the deal is conditional on the approval of its shareholders and regulatory approvals in Thailand and Malaysia, which is expected during the second half of 2020.
The deal's completion would mean Tesco's only overseas operations, apart from Ireland, would be its central European division, consisting of stores in the Czech Republic, Hungary, Poland and Slovakia. "This sale releases material value and allows us to further simplify and focus the business, as well as to return significant value to shareholders," said Tesco Chief Executive Dave Lewis. -Reuters
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cruise ship turned away from Penang had stopped in Langkawi; Singapore allows entryNSTworld: Singapore will allow cruise ship CostaFortuna to dock in the city-state on Tuesday, authorities said, after it was turned away from ports in Malaysia and Thailand over coronavirus fears.
Read more »
China tech firm to sell gay dating app Grindr for US$608 million | The Malaysian InsightBeijing Kunlun Tech is selling a 98.59% stake in Grindr to San Vicente Acquisition.
Read more »
Olympic football hero Salleh Ibrahim dies | The Malaysian InsightHe is best remembered for scoring second goal in Malaysia’s 3-0 win over US in 1972 Munich Games.
Read more »
1972 Olympics football great Salleh Ibrahim dies at 72A winger on the national team, Salleh is remembered for scoring Malaysia's second goal against the US in a group match. FMTNews SallehIbrahim
Read more »
Tour buses idle as Thai economy takes gut punch from virusBusinesses around Pattaya are struggling for survival. FMTNews Thailand
Read more »