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Tesco: sells businesses in Thailand and Malaysia

( - Tesco has announced the sale of its businesses in Thailand and Malaysia.

The agreement was signed with the CP Group, namely CP Retail Development Company Limited, Charoen Pokphand Holding, CP All Public Limited Company and CP Merchandising.

The sale represents 10.6 billion dollars (8.2 billion pounds). Net cash proceeds amount to 10.3 billion (or 8.0 billion pounds) before taxes and other transaction costs.

After the sale is finalised, the board of directors intends to pay around 5.0 billion pounds to shareholders via a special dividend.

The divestment's completion, which is conditional on Tesco shareholders' approval and customary regulatory approvals in Thailand and Malaysia, is expected in the second half of 2020.

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