Tesco gets OK for disposal from Thai regulator

6th Nov 2020 13:21

(Sharecast News) - Tesco said on Friday that it's been given the green light by the Office of Trade Competition Commission in Thailand for the sale of its business there to CP Group, as it looks to focus on its UK and Ireland operations.
"We are awaiting CP Group receiving the formal regulatory approval notice from the OTCC and will make a further announcement when appropriate," the supermarket retailer said in a brief statement.

Tesco announced in March that it was planning to sell its businesses in Thailand and Malaysia for an enterprise value of $10.6bn. The company said at the time that following completion of the disposal, it would return around £5bn to shareholders via a special dividend.

At 1325 GMT, the shares were up 2.6% at 218.10p.