Skip to content
Search

Latest Stories

Tesco sells Thailand, Malaysia units for £8bn

THE UK’s biggest retailer Tesco said on Monday (9) that it has agreed to sell its businesses in Thailand and Malaysia to Thai conglomerate CP Group for £8 billion.

Outgoing chief executive Dave Lewis said in a statement: "Following inbound interest and a detailed strategic review of all options, we are announcing today the proposed sale of Tesco Thailand and Tesco Malaysia.”


"This sale releases material value and allows us to further simplify and focus the business, as well as to return significant value to shareholders."

The supermarket chain would return £5bn of the proceeds to investors and the deal is set to complete in the second half of this year.

Tesco noted that the divestment will also cut debt and streamline the group, enabling a stronger focus on British, Irish, and central European activities.

The retailer said: "The disposal will further de-risk the Tesco business by reducing indebtedness through a £2.5bn pension contribution that, along with other measures, is expected to eliminate the current funding deficit and significantly reduce the prospect of having to make further pension deficit contributions in the future."

Tesco completed its exit from China last month with the £275 million sale of its joint venture stake to state-run partner China Resources Holdings (CRH).

The latest disposal will further simplify the Tesco Group, enabling a stronger focus on driving cash generation and returns to shareholders from retail businesses in the UK, Ireland, and central Europe.

Tesco started its operations in Thailand through Ek-Chai in 1998, which operates under the name Tesco Lotus, a network of stores. Tesco Lotus generated £4.1bn in revenue in the financial year to February 2019. It operates a network of 1,9673 stores across Tesco Thailand and serves over 13 million customers each week.

The retailer began operating in Malaysia under the name Tesco Malaysia in 2002, as part of a joint venture with Sime Darby Berhad. Tesco Malaysia generated £800m in revenue last year. It and operates a network of 684 stores across Malaysia.

More For You

Donald Trump

Speaking from the Oval Office on Friday, Trump had said the US has been economically and financially 'ripped off' by several countries, including India. (Photo: Getty Images)

India denies pledge to lower tariffs following Trump’s statement

INDIA has said it has not committed to reducing import duties on US goods, following US president Donald Trump’s claim that New Delhi had agreed to "cut their tariffs way down."

Trump, in the early weeks of his second term, has taken a tough stance on global trade, imposing tariffs on several countries, including India, and accusing trading partners of unfair practices.

Keep ReadingShow less
How Shaye Bhattessa-Sharma Transformed Her Dragons’ Den Setback into Major Success

Shaye Bhattessa-Sharma was the youngest-ever contestant to secure an offer

Youtube/ Dragons' Den

How did Shaye Bhattessa-Sharma’s Dragons’ Den setback lead to an even bigger success

In 2023, Shaye Bhattessa-Sharma made history as the youngest-ever contestant to secure an investment on Dragons’ Den at just 15 years old. Fast forward to today, and the now 17-year-old entrepreneur has taken his business to new heights with the backing of one of the UK’s wealthiest billionaires. Here’s how Shaye’s journey has unfolded since his memorable appearance on the BBC show.

A historic pitch on Dragons’ Den

Shaye, accompanied by his father Raj, entered the Den with his innovative football-themed board game, Football Billionaire. The game, which involves trading players like goalkeepers, defenders, and forwards, impressed Peter Jones, the show’s longest-standing Dragon. Peter offered £50,000 for a 20% stake in the business, and Shaye accepted, making headlines as the youngest entrepreneur to secure a deal on the show.

Keep ReadingShow less
Eros Media

Eros had agreed to make the payment on 10 March to investors who bought bonds issued by the company on the London Stock Exchange in 2014.

Bollywood film group Eros Media may delay £3.75m payout to UK investors

THOUSANDS of UK investors are uncertain about receiving a £3.75 million payment from Eros Media World, a Bollywood film group, as the company has indicated it may not be able to pay on time.

Eros had agreed to make the payment on 10 March to investors who bought bonds issued by the company on the London Stock Exchange in 2014.

Keep ReadingShow less
india-ireland

Jaishankar met Harris over a working breakfast at the Department of Foreign Affairs, where they finalised an 'Action Plan' aimed at strengthening bilateral relations. (Photo: X/@DrSJaishankar)

India, Ireland to strengthen trade ties with new Joint Economic Commission

INDIA and Ireland have agreed to establish a Joint Economic Commission (JEC) to boost trade, investment, and technology collaboration, external affairs minister S Jaishankar announced after a meeting with Irish foreign minister Simon Harris in Dublin on Friday.

Jaishankar met Harris over a working breakfast at the Department of Foreign Affairs, where they finalised an "Action Plan" aimed at strengthening bilateral relations.

Keep ReadingShow less
Rachel-Reeves-Getty

Reeves is expected to announce welfare spending cuts worth billions of pounds in the Labour government's Spring Statement on March 26. (Photo: Getty Images)

Welfare system too costly, needs reform: Rachel Reeves

CHANCELLOR Rachel Reeves said on Friday that the UK’s welfare system is "costing too much" and must be reformed as the government faces financial pressures from high inflation and borrowing.

Reeves is expected to announce welfare spending cuts worth billions of pounds in the Labour government's Spring Statement on March 26. The statement will be a follow-up to her first budget last October, according to reports this week.

Keep ReadingShow less