Tesco completes its exit from China
The company had established the joint venture with China Resources in 2014
Stocks impacted: Tesco (TSCO)
Britain's biggest retailer has sold its 20% share of Gain Land, a joint venture in China, to a unit of its partner China Resources Holdings, raising £275m and completing its exit from the country. Now, Tesco plans to further simplify and focus the business on its core operations while the proceeds will be used for general corporate purposes. The transaction will be completed on February 28. Two months ago, the firm announced it was considering the sale of its Thai and Malaysian groceries businesses. On Monday, Tesco has become the first supermarket in the UK to sell plasters in a range of skin tones. Today, Tesco stocks are trading 0.64% higher.
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