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09.12.2019

Tesco looks to sell its Asian business

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The company may quit Thailand and Malaysia but the decision has not been taken yet

Stocks impacted: Tesco (TSCO)

The UK's largest supermarket chain is reportedly considering selling its Asia operations. In particular, the company may sell its business in Thailand and Malaysia. The Asian grocery business could be worth up to $9 billion. The company said the review of its business was at an early stage and gave no other details of the approaches deployed. The giant highlighted that the evaluation was at an early stage and there can be no assurance that any transaction will be concluded. As a reminder, for years ago, Tesco sold its South Korean arm for $6.1 billion, and in 2016, the chain sold its Kipa business in Turkey to Migros. Tesco shares closed 2.3% higher on Friday in London and rally over 5% at the start of the week.

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