AMSTERDAM (Reuters) – Grocery store group Ahold Delhaize on Monday stated it wished to spin-off its Dutch on-line retail enterprise Bol.com and to record its shares within the second half of subsequent yr.

Ahold, which operates in america and Europe, stated it will retain management over the Netherlands’ dominant web store within the years to return, as it will solely record a restricted variety of shares.

The transfer would supply funding for the group, whereas fuelling the expansion potential of Bol.com, the proprietor of the Cease & Store, Big, Meals Lion and Hannaford chains stated.

Ahold additionally introduced a brand new share buyback price 1 billion euros ($1.15 billion) beginning subsequent yr and stated it anticipated its general gross sales to proceed to develop in 2022.

Gross sales progress within the 2023-2025 interval will speed up, the corporate stated, because it goals so as to add 10 billion euros in income by 2025.

Bol.com’s income and core earnings (EBITDA) are anticipated to double by that yr, relative to the 5.5 billion euros ($6.3 billion) and round 170 million euros respectively anticipated for this yr, Ahold stated.

($1 = 0.8726 euros)