• Sunday, May 22, 2022

Business

Tesco considers selling Asian businesses

(Photo: Daniel Berehulak via Getty Images).

By: Radhakrishna N S

BRITAIN’S largest retailer, Tesco, said on Monday (9) that it was looking to sell its businesses in Thailand and Malaysia.

The latest move by the British supermarket chain has come as chief executive Dave Lewis prepares to step down next year.

He has overseen a major overhaul at Tesco during his five years at the top position, slashing thousands of jobs as part of a massive cost-cutting programme.

The company in a brief statement to the London Stock Exchange said: “Tesco… confirms 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.”

“The evaluation of strategic options is at an early stage, no decisions concerning the future of Tesco Thailand or Malaysia have been taken, and there can be no assurance that any transaction will be concluded.”

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