Last checked at 25 Feb 2020 07:00
25 February 2020
Tesco PLC
Tesco agrees to sell its 20% share in Gain Land to its JV partner China Resources Holdings
Tesco PLC ("Tesco") today announces the sale of its 20% share in Gain Land to a subsidiary of its joint venture partner, China Resources Holdings ("CRH"). Gain Land is the Chinese joint venture with CRH that was established in 2014. The disposal will result in net cash proceeds to Tesco of c.£275m which will be used for general corporate purposes.
The disposal allows Tesco to further simplify and focus the business on its core operations.
The transaction will complete on 28 February 2020. There are no conditions to closing or regulatory approvals required.
Enquiries:
Investors: Chris Griffith +44 (0) 1707 912 900
Media: Simon Rew +44 (0) 1707 918 701
Philip Gawith (Teneo) +44 (0) 207 420 3143
LEI Number: 2138002P5RNKC5W2JZ46