Dec 8, 2019

Tesco considers sale of Asian businesses

UK supermarket chain Tesco is considering a sale of its Asian businesses following an approach from a third party investor. Tesco, which is one of the world's largest grocery chains, said on Sunday that following "Inbound interest" it had decided to review its supermarket businesses in Thailand and Malaysia, including a possible sale. Tesco entered Thailand in 1998 and has 1,967 stores there, as well as owning a number of shopping centres. The Malaysian business, which Tesco launched in 2002, amounts to 74 stores. In the year to the end of February 2019, Tesco's Asian operations reported sales of £4.9bn, a 6.2 per cent fall from the previous year due to supply chain problems and the introduction of government welfare cards in Thailand that could not be redeemed in its stores.

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