The UK’s largest supermarket group, Tesco, is close to finalising a major bid for a retail chain in Malaysia, spearheading an aggressive drive which would make Tesco a strong presence in Asia. The move is in line with a policy of expansion which found a store opening in Taiwan in December, plans for seven to be built in South Korea, and twenty-four stores in Thailand. Rumours are circulating that Tesco is considering a buyout of Australia’s Woolworth’s.
An announcement is expected which will confirm the acquisition of either Tops, Malaysia’s 40-unit strong supermarket business, or Parkson, which operates 30 stores.
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David Reid, Tesco’s deputy chairman, will stress the importance of the Asian market to the company when the interim results are announced on 19 September.
