Tesco has confirmed it is considering potential bids for its Asian business.
The UK group has nearly 2000 stores in Thailand, where it operates under the Tesco-Lotus brand having launched there in 1998. It moved in to neighbouring Malaysia in 2002 and has 74 stores there. The Asian business is reported to be provide about 10% of the group's sales.
Tesco PLC 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 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."
In October, Tesco chief executive Dave Lewis surprised the market when he announced he would be stepping down next summer after six years at the helm. He will be replaced by Boots CEO Ken Murphy.