Tesco hits Malaysia

- Last updated on GMT

Related tags: Tesco

Tesco, the UK's largest supermarket group, has found a joint
venture partnerin Malaysia, announcing plans on Friday to invest
£215m in its fourth Asianmarket,...

Tesco, the UK's largest supermarket group, has found a joint venture partnerin Malaysia, announcing plans on Friday to invest £215m in its fourth Asianmarket, the Financial Times reports. Tesco has teamed up with Sime Darby, theMalaysian-based multinational conglomerate, to develop 15 hypermarkets. Thefirst is planned for 2002, but Tesco said the joint venture agreement stilldepended on approval from the Malaysian authorities. "This is very much abouta proposed joint venture," Tesco said. But the group was confident enough, thepaper added, to set out the terms of the agreement that showed Tesco will hold70 per cent of Tesco Stores (Malaysia), the joint venture company. It willalso contribute 70 per cent of the £215m investment - or some £150m.

Related topics: Market Trends

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