Tesco sells Thai and M’sian businesses to CP Group

Checking out: Tesco’s latest store in Tanjung Pinang. The sale to Thailand’s CP Group valued Tesco Malaysia at an enterprise value of US$700mil.

PETALING JAYA: Britain’s largest retailer Tesco Plc has given the green light to sell its business in Thailand and Malaysia to a combination of Thailand’s CP Group entities for an enterprise value (EV) of US$10.6bil (RM44.63bil or equivalent to £8.2bil).

This will involve Tesco’s entire shareholding in Tesco Stores (Thailand) Ltd and Tesco Stores (Malaysia) Sdn Bhd.