Multinational supermarket retailer Tesco Plc is expecting the sale of its operations in Malaysia and Thailand to be finalised next week (18th December).
If all goes to plan, the operations will be acquired by Thailand’s largest private company, CP Retail Development Company Ltd (CPRD) for US$10.6bil (RM43.1bil).
Tesco recently stated that CP Group is content with the formal notice of approval from the Office of Trade Competition Commission in Thailand, along with the approval received from Malaysia’s Ministry of Domestic Trade and Consumer Affairs. With no further conditions outstanding, the sale is expected to be completed on 18th December.
Tesco CEO Ken Murphy said that he would like to thank all his colleagues in Asia for their hard work and dedication towards their customers over the years. He went on to say, “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.”
The sale was first announced in March where the giant retailer explained it as one of its strategies to focus their market in UK and Europe. “Tesco Malaysia” currently operates over 60 supermarkets across the country, while Thailand’s “Tesco Lotus” has a total of 1,967 operating chains.
Do you think CP group will be able to give us a better retail experience, or the other way around? Let us know what you think.
Source: BH Online.