Tesco confirms sale of its Asian businesses

Tesco has confirmed the sale of its businesses in Thailand and Malaysia, following a review of the transaction.

Back in March, the supermarket chain had agreed to sell its Asian businesses to C.P. Retail Development Company Limited (CPRD).

CP Group has now reviewed the move and is satisfied with the formal notice of approval from the OTCC in Thailand.

Following further approval from the Ministry of Domestic Trade and Consumer Affairs in Malaysia on 10 November, there are no further conditions outstanding and the disposal is expected to complete around 18 December.

Ken Murphy, Tesco’s CEO, said: “I would like to thank all our colleagues in Asia for their hard work and dedication to our customers over many years. They have built a very strong business.

“I’m confident that the agreement with CP Group will ensure that they are well setup for continued success. This sale allows us to focus on our businesses across Europe and to continue delivering for customers, make a significant contribution to our pension deficit and return value to shareholders.”