Tesco has confirmed that it has completed the sale of its businesses in Thailand and Malaysia to C.P. Retail Development Company Limited (CPRD).
The supermarket had agreed the sale back in March for $10.6 billion in order to “further de-risk the Tesco business” by reducing its debt by £2.5 billion.
The move sees Tesco lose its near 2,000 store presence in Thailand, along with the 74 stores in Malaysia. The retailer had also agreed to sell its 301 store business in Poland to Salling Group A/S for a total of £181 million, which was revealed in June.
Following the sale, Tesco has announced it is to make a significant pension contribution of £2.5 billion to the Tesco PLC Pension Scheme, which is expected to be paid in February 2021.
Tesco chief executive, Ken Murphy, said: “This sale allows us to focus on our businesses across Europe and to continue delivering for customers, make a significant contribution to our pension deficit and return value to shareholders.”
