25th Feb 2020 08:40
(Alliance News) - Tesco PLC on Tuesday said it will sell its 20% holding in Gain Land to a subsidiary of its joint venture partner China Resources Holdings for around GBP275 million in cash.
Gain Land is Tesco's Chinese joint venture with China Resources Holdings. It was established in 2014.
The FTSE 100-listed UK supermarket chain said the proceeds realised from the sale will be used for general corporate purposes. It also noted that the disposal will allow it to focus on its core operations.
The transaction is expected to complete on Friday.
Shares in Tesco were trading 0.4% higher at 250.20 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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