AB Electrolux said March 9 that shares of its wholly owned subsidiary Electrolux Professional AB are expected to begin trading on the Nasdaq Stockholm stock exchange on March 23.
The company's board of directors decided on the date at the extraordinary meeting of shareholders on Feb. 21. Nasdaq Stockholm's listing committee agreed to admit Electrolux Professional's shares of series A and shares of series B for trading on the stock exchange, subject to customary conditions such as the Swedish Financial Supervisory Authority's approval of the prospectus.
Electrolux in early 2019 unveiled its plan to spin off and list its professional products unit, saying the move would allow the company to focus on its core business of manufacturing household appliances.
At the shareholder meeting, it was also decided that Electrolux will distribute all Electrolux Professional shares to existing shareholders of the parent company. The record date for distribution has been set to March 19.
According to the latest announcement, one share of series A in Electrolux will entitle to one share of series A in Electrolux Professional, and one share of series B in Electrolux will entitle to one share of series B in Electrolux Professional. The last day of trading in Electrolux shares, including the right to receive shares in the professional products business, is on March 17.
Electrolux Professional’s shares of series A will be traded under the ticker EPRO A while shares of series B will be traded under the ticker EPRO B.