UK retailer Tesco sells Thailand, Malaysia ops for £8bn
March 9, 2020, 9:45 am

UK retailer Tesco sells Thailand, Malaysia ops for £8bn

Britain's biggest retailer Tesco is to sell its businesses in Thailand and Malaysia to Thai conglomerate CP Group File photo AFP

Britain's biggest retailer Tesco said Monday that it has agreed to sell its businesses in Thailand and Malaysia to Thai conglomerate CP Group for £8.0 billion ($10.4 billion, 9.2 billion euros).

"Following inbound interest and a detailed strategic review of all options, we are announcing today the proposed sale of Tesco Thailand and Tesco Malaysia," said outgoing Chief Executive Dave Lewis in a statement, adding the supermarket chain would return £5.0 billion of the proceeds to investors.

"This sale releases material value and allows us to further simplify and focus the business, as well as to return significant value to shareholders."

Tesco added that the divestment will also slash debt and streamline the group, enabling a "stronger focus" on UK, Irish and central European activities.

"The disposal will further de-risk the Tesco business by reducing indebtedness through a £2.5-billion pension contribution that, along with other measures, is expected to eliminate the current funding deficit and significantly reduce the prospect of having to make further pension deficit contributions in the future," the retailer said.

The move was unanimously agreed by the Tesco board but remains conditional on shareholder and regulatory approvals. The deal is set to complete in the second half of this year.

The announcement comes as Dave Lewis prepares to step down in 2020, having overseen a major overhaul at Tesco during his five years at the helm, axing thousands of jobs as part of a massive cost-cutting program.

Lewis is leaving for personal reasons and will be replaced by Walgreens Boots Alliance executive Ken Murphy.

source: AFP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.