Tesco sells stake in Chinese joint venture for US$357 million

February 25, 2020 15:42
The disposal completes Tesco's exit from China. Photo: AFP

Britain’s biggest retailer Tesco has sold its 20 percent share of a joint venture in China to a unit of its partner China Resources Holdings (CRH), raising 275 million pounds (US$357 million) and completing its exit from the country, Reuters reports.

Tesco had established the Gain Land joint venture with CRH in 2014, when it started its retreat from China.

The disposal allows Tesco to further simplify and focus the business on its core operations, it said on Tuesday, adding that the proceeds will be used for general corporate purposes.

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