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  5. Tesco agrees to sell its 20% share in Gain Land

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Tesco agrees to sell its 20% share in Gain Land

25 Feb 2020 07:00

RNS Number : 0215E
Tesco PLC
25 February 2020
 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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