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Tesco shareholders back 5 bln pound special dividend

Thu, 11th Feb 2021 12:52

LONDON, Feb 11 (Reuters) - Shareholders in Tesco,
Britain's biggest retailer, on Thursday approved the payment of
a 5 billion pound ($6.9 billion) special dividend following last
year's disposal of its Asian business.

The 50.93 pence per share payment, which equates to just
over 21% of Tesco's market capitalisation, was voted through at
a general meeting of investors, held virtually due to the
COVID-19 pandemic.

Tesco completed the $10.6 billion sale of its businesses in
Thailand and Malaysia to Dhanin Chearavanont's CP Group in
December.

Shareholders also backed a 15-for-19 consolidation of
Tesco's shares, which is designed so that, as far as possible,
the company can maintain its current share price.

In addition to paying the special dividend, Tesco used 2.5
billion pounds of the disposal proceeds to bolster its pension
fund.

Shares in Tesco were down 1% at 244.2 pence, valuing the
business at about 24 billion pounds.
($1 = 0.7233 pounds)
(Reporting by James Davey; Editing by Steve Orlofsky)

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