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Tesco reviews options to sell operations in Thailand, Malaysia

Tesco reviews options to sell operations in Thailand, Malaysia

PHUKET: British retail giant Tesco has begun reviewing its operations in Thailand and Malaysia with a view to possible sale to an “investor interest”.

economics
By The Phuket News

Monday 9 December 2019, 09:07AM


The main Tesco-Lotus branch on Phukte's busy bypass road. Photo: The Phuket News / file

The main Tesco-Lotus branch on Phukte's busy bypass road. Photo: The Phuket News / file

The news was announced through a statement issued yesterday. (See here.)

“Tesco PLC (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 statement read.

“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. A further announcement will be made if and when appropriate,” it added.

Tesco in Thailand is operated under the merger name “Tesco-Lotus” through Ek-Chai Distribution System Co Ltd.

Tesco Lotus serves more than 15 million customers each week through a network of more than 2,000 stores served by more than 60,000 employees around Thailand, and through its and online shopping channels.

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Ek-Chai Distribution CEO John Christie explained at a British Chamber of Commerce in Thailand (BCCT) event in Phuket in 2017 that over the preceding five years Tesco had undergone a fundamental change from a UK-based global business to a local business originating from the UK.

“In Asia, Thailand is at the centre of where Tesco global wants to invest,” Mr Christie noted, highlighting the Kingdom’s role for Tesco’s overseas operations. (See story here.)

 

 

 

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