(MENAFN) Britain's Tesco is looking to sell its South Korean business for around USD5 billion as the supermarket giant struggles to recover from a record annual loss, Oman Observer reported.
Tesco has hired HSBC to weigh options for off-loading Homeplus by the end of the year, which could also include an initial public offering, the source said on condition of anonymity.
Tesco is seeking to overhaul its business after reporting the biggest annual loss in its almost 100-year history of USD8.8 billion in the year through February, the supermarket giant said.
Britain's largest retailer is also facing a fraud probe after a huge accounting scandal that saw it overstate profits by USD401.41 million due to errors stretching back to before 2013.
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