Tesco sells stake in Chinese joint venture for $357 million

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

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.