The Board of PSB Industries (ENXTPA:PSB) announced the spin-off of Baikowski SAS on September 21, 2018. Under the transaction, 3.67 million shares of Baikowski will be distributed to the shareholders of PSB Industries recognised as such at the end of the day before the distribution and on the basis of 1 Baikowski SAS share for 1 PSB Industries share. Upon completion, Baikowski SAS will be listed on the Euronext Growth compartment of the Paris stock exchange.

The transaction will be submitted for consultation by unions and employee representatives and is subject to approval by PSB Industries' shareholders and Euronext Paris. The transaction was approved by the Board of Directors of PSB Industries on September 21, 2018. As of November 5, 2018, the Board of Directors of PSB Industries decided to propose the transaction at its next general meeting.

The approval from Euronext Paris is expected to be obtained at the end of November 2018. A general meeting of the shareholders of PSB Industries will be convened on December 20, 2018 to vote on the transaction. The transaction is expected to be completed on December 31, 2018.

Degroof Petercam Finance acted as financial advisor for PSB Industries.