China's home electronics producer TCL says that Huizhou Investment Holdings, the largest shareholder of TCL that holds 25.22% of the stake of the company, will transfer 5% of the stake to Philips Electronics China B.V.

Under the agreement, Huizhou Investment will transfer 129 million shares of TCL to Philips at a price of CNY1.5816 per share. The latter will undertake all the costs related to the share transfer.

After the transfer, Huizhou Investment's stake in TCL will be reduced to 20.22%, but it is still the largest shareholder of the company. Philips' stake will increase to 193 million shares, accounting for 7.46% of the total.

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