Straits Herald December 9, 2019

Supermarket chain Tesco, Britain’s biggest retailer, said Monday that it was looking to sell its businesses in Thailand and Malaysia.

“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 company said in a brief statement to the London Stock Exchange.

“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,” it added.

It comes as chief executive Dave Lewis prepares to step down in 2020, having overseen a major overhaul at Tesco during his five years at the helm, axing thousands of jobs as part of a massive cost-cutting programme. – AFP