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LONDON - Tesco announced on Wednesday it would open its first store in Malaysia next year, the Financial Times reported.
The 10,000-square-meter store is planned for Puchong in Kuala Lumpur and is the first of 15 hypermarkets slated for the next five years at a cost of #215 million ($304.6 million).
Terry Leahy, chief executive, said: "Today's announcement is further evidence of the progress we are making with our international strategy. Malaysia is an exciting opportunity."
Tesco has more than 900 stores in 10 countries, including 48 hypermarkets in Thailand, South Korea and Taiwan. By the end of next year, 45 percent of total Tesco selling space will be outside the UK.