Sime sells Tesco stake

Sime Darby group chief executive officer Datuk Jeffri Salim Davidson(pic) said the deal provided the group with an opportunity to exit its non-core hypermarket business at a reasonable valuation.

PETALING JAYA: Sime Darby Bhd will be exiting its hypermarket business by the second half of 2020 (2H20), following the disposal of its 30% stake in Tesco Stores (M) Sdn Bhd (Tesco Malaysia) for RM300mil.

The disposal is part of a larger deal in which Tesco’s parent company, the UK-listed Tesco PLC, had agreed in March 2020 to sell its businesses in Thailand and Malaysia to Thailand’s C.P. Group (CP) for an enterprise value of US$10.6bil (about RM46bil).