Britain's Tesco reviews Thai, Malaysian business for possible sale
), has signaled a further retreat from its once lofty global ambitions by starting a review of its remaining Asian businesses, which could result in a sale of those Thai and Malaysian operations.
Celebrating its 100th anniversary, Tesco is five years into a UK-focused recovery plan launched by Chief Executive Dave Lewis after an accounting scandal capped a dramatic downturn in trading.“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,” it said in a statement on Sunday.
At a capital markets day in June, Tesco had said it was well placed to grow in Asia, particularly in Thailand, citing an opportunity for 750 new convenience stores over the “medium term”.
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