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Last updated at: (Beijing Time) Tuesday, April 09, 2002

Philips to Relocate Regional Headquarters to Hong Kong

Dutch electronics giant Philips Electronics will move its regional headquarters (HQ) to Hong Kong from Singapore to save costs and be near the mainland of China, according to the Singapore-based Business Times Monday.


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Dutch electronics giant Philips Electronics will move its regional headquarters (HQ) to Hong Kong from Singapore to save costs and be near the mainland of China, according to the Singapore-based Business Times Monday.

From August this year, Philips will consolidate all its Asia-Pacific headquarters activities in Hong Kong, which currently oversees only North Asia. Philips is believed to have transferred the regional finance function to Hong Kong.

The regional corporate office in Singapore oversees services such as strategic management, legal, treasury and taxation.

The Business Times quoted a company source as saying that the relocation is made due to the cost duplication consideration, and that Philips does not have to run two regional HQs in Asia.


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