A senior executive of Ek-Chai Distribution, the company which operates the Tesco Lotus stores, has denied a report that the Charoen Pokphand Group is planning to sell its holding in the hypermarket chain to UK retailer Tesco.
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The executive was reported by the Bangkok Post as saying that Tesco Lotus, the Thai unit of UK-based Tesco, was the best commercial partner for Charoen Pokphand and that there was no reason for the relationship to be broken.
Charoen Pokphand sold a 75% stake in Tesco Lotus to Tesco in 1997. The group now holds less than a 1% stake in Tesco Lotus.
