Tesco PLC Tesco agrees to sell its 20% share in Gain Land (0215E)
February 25 2020 - 2:00AM
UK Regulatory
TIDMTSCO
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.GBP275m 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
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END
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