CHESHUNT (dpa-AFX) - Tesco Plc (TSCO.L, TSCDY.PK) announced the sale of its 20% share in Gain Land to a unit of its JV partner, China Resources. Tesco Plc said the net cash proceeds, approximately 275 million pounds, will be used for general corporate purposes. The Group said the disposal allows it to further simplify and focus the business on its core operations.
Gain Land, the Chinese joint venture with China Resources Holdings, was established in 2014. The deal will close on 28 February 2020.
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