THE RETAIL BULLETIN - The home of retail news
Home Page
News Categories
Christmas Ads
Commentary
Department Stores
Electricals & Technology
Entertainment
Fashion
Food & Drink
General Merchandise
Grocery
Health & Beauty
Home & DIY
Interviews
Property
Retail News
Retail Solutions
Shopping Centres, High Streets & Retail Parks
Sports & Leisure
Retail Events
THE Retail Conference 2022
Retail Women In Leadership 2022
Digital Transformation Strategy 2022 Part 2
Omni Channel Futures 2023
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Tesco sells businesses in Thailand and Malaysia

Supermarket giant Tesco has agreed to sell its businesses in Thailand and Malaysia to CP Group for £8 billion. The move follows a strategic review. Once… View Article

FOOD & DRINK

Tesco sells businesses in Thailand and Malaysia

Supermarket giant Tesco has agreed to sell its businesses in Thailand and Malaysia to CP Group for £8 billion.

The move follows a strategic review.

Once the disposal is completed, Tesco plans to return around £5 billion to shareholders via a special dividend with associated share consolidation.

In a statement, Tesco said the deal will further de-risk its business by reducing indebtedness through a £2.5 billion pension contribution that is expected to eliminate the current funding deficit. It will also reduce the prospect of having to make further pension deficit contributions in the future.

Dave Lewis, chief executive of Tesco, said: “This sale releases material value and allows us to further simplify and focus the business, as well as to return significant value to shareholders. I would like to thank all of our Tesco Thailand and Tesco Malaysia colleagues for their dedication, professionalism and service to our customers, which has resulted in the creation of such a strong business. I am confident that the agreement we have reached with CP Group presents an exciting opportunity for their continued success.”

The disposal is expected to complete in the second half of 2020.

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

THE NEXT EVENT

See all upcoming events

LATEST VIDEO

UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON
UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON

Watch video >