Philips to spin off lighting branch in 'historic' IPO

GMT 06:53 2016 Tuesday ,03 May

Arab Today, arab today Philips to spin off lighting branch in 'historic' IPO

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The Hague - Arab Today

Electronics giant Philips announced Tuesday it was floating its lighting arm on the stock market in a "historic" initial public offering, aiming to spin off at least a quarter of the division's shares.

"The offering would consist of a sale of existing shares only held by Royal Philips, the current sole shareholder of Philips Lighting. The offering and listing, and their timing, are subject to, among other factors, market conditions," the Amsterdam-based Philips said in a statement.

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