Tesco mulls sale of Thailand and Malaysia operations
Tesco is mulling the sale of its business in Thailand and Malaysia, the supermarket giant confirmed today.
The grocer said it had launched a review of the strategic options for the two Asian divisions, where it operates under the Tesco Lotus brand, “including an evaluation of a possible sale”.
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In a statement this morning Tesco said: “The evaluation of strategic options is at an early stage, no decisions concerning the future of Tesco Thailand or Malaysia have been taken, and there can be no assurance that any transaction will be concluded.
“A further announcement will be made if and when appropriate”.
In its interim results published in October, the company said its Thailand and Malaysia operations reported combined sales of £2.6bn, while operating profit jumped 54.1 per cent to £171m.
Tesco also said it was targeting rapid expansion in Thailand, with goals to build 750 express stores within three years. The company has 2,000 stores in Asia, including joint ventures in India and China, and employs 60,000 people.
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In October, the company also announced that chief executive Dave Lewis will step down next year after leading a turnaround of the brand.
Tesco unveiled plans in August to cut 4,500 jobs across its 153 Metro stores in the UK amid a “challenging, evolving retail environment, with increasing cost pressures”.
Main image credit: Getty