After agreeing to sell its businesses in Thailand and Malaysia to CP Group in March, the $10.6bn sale will be completed on December 18.
The Ministry of Domestic Trade and Consumer Affairs in Malaysia approved the sale on November 10, and following CP Group’s review of the formal notice of approval from the Office of Trade Competition Commission in Thailand, there are no further outstanding conditions.
Upon completion, Tesco has commented that they intend to round around £5bn to shareholders and will also put around £2.5bn into the Tesco PLC Pension Scheme. Ken Murphy, Tesco Chief Executive Officer, commented: “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.”
