Supermarket chain Tesco said today it has agreed the sale of an 8.6% stake in southeast Asian online retailer Lazada to Alibaba Group for $129m.
Tesco has been focused on reviving its main grocery business in Britain over the last two years and started selling off non-core units including the company's South Korean business last year.
Lazada operates in Singapore, Malaysia, Indonesia, the Philippines, Thailand and Vietnam.
Tesco will retain an 8.3% stake in Lazada after the deal announced today completes.
It said the proceeds of the sale would be used for general working capital purposes.