PETALING JAYA: Britain’s largest retailer Tesco Plc has given the green light to sell its business in Thailand and Malaysia to a combination of Thailand’s CP Group entities for an enterprise value (EV) of US$10.6bil (RM44.63bil or equivalent to £8.2bil).
This will involve Tesco’s entire shareholding in Tesco Stores (Thailand) Ltd and Tesco Stores (Malaysia) Sdn Bhd.
The consideration payable to Tesco is on a cash and debt-free basis, representing an EV/earnings before interest, tax, depreciation and amortisation multiple of 12.5 times, based on the financial year ended Feb 23,2019 on a post-IFRS 16 basis.
...