Britain’s Tesco reviews Thai, Malaysian business for possible sale

Business

FILE PHOTO: A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo

LONDON (Reuters) – Britain’s biggest supermarket chain Tesco (TSCO.L) said on Sunday it had started a review of its businesses in Thailand and Malaysia, including looking at a possible sale.

Celebrating its 100th anniversary, Tesco is five years into a recovery plan launched after an accounting scandal capped a dramatic downturn in trading.

Tesco said in a statement that “following inbound interest, it has commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses.”

It said the evaluation was at an early stage and “there can be no assurance that any transaction will be concluded.”

“A further announcement will be made if and when appropriate,” Tesco added.

In June, Tesco said it was well placed to grow in Asia, particularly in Thailand, where it sees an opportunity for 750 new convenience stores over the “medium term”.

Reporting by William James; Editing by Edmund Blair

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