Chubu Electric Power Co.,Inc. | Partial Transfer of Electric Power Retail Business in the Greater Tokyo Area to CD Energy Direct Co., Ltd. - Press Releases(2018)
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Press Release 2018

Partial Transfer of Electric Power Retail Business in the Greater Tokyo Area to CD Energy Direct Co., Ltd.

May 29, 2018

Chubu Electric Power Co.,Inc.

Chubu Electric Power Co., Inc. (“Chubu Electric Power”) and Osaka Gas Co., Ltd. (Osaka Gas”) has together established a new company, CD Energy Direct Co., Ltd. (“CD Energy Direct”), to market electric power, gas, daily customer life, and business-related services in the greater Tokyo area (announced on April 2, 2018).

Aiming to partially transfer existing power retail businesses in the Tokyo metropolitan area (“the Business”) to CD Energy Direct, Chubu Electric Power today has signed an absorption-type split agreement with CD Energy Direct.

1. Summary of company spin-off

The Business covered by Chubu Electric Power will be transferred under a company spin-off (i.e., absorption-type split where Chubu Electric Power is the company spinning off a business and CD Energy Direct is the succeeding company).

Conclusion date of absorption-type split agreement

May 29, 2018

General meeting of shareholders for approval of absorption-type split agreement(note)

CD Energy Direct: Late July 2018 (Scheduled date)

Date on which the absorption-type split will take effect

August 1, 2018 (Scheduled date)

Spin-off considerations

3,000 CD Energy Direct common shares

Business succeeded by the succeeding company

Portion of Chubu Electric Power’s existing electric power retail business in the greater Tokyo area

Rights and obligations succeeded by the succeeding company

CD Energy Direct will succeed Chubu Electric Power’s rights and obligations associated with the Business.

(note)Chubu Electric Power will carry out the spin-off without approval of the general meeting of shareholders, in pursuant to Article 784, Paragraph 2 (simple spin-offs) of the Company Law.

2. Overview of companies involved in company spin-off (August 1, 2018 (Scheduled))

Item

Company spinning off business

Company succeeding business

Company name

Chubu Electric Power Co., Inc.

CD Energy Direct Co., Ltd.

Business activities

Electricity business, etc.

Electric power and gas sales, etc.

Established date

May 1,1951

April 2,2018

Location of headquarters

1, Higashi-shincho, Higashi-ku, Nagoya City

4-5-1, Nihonbashi Muromachi, Chuo-ku, Tokyo

President & Director

President & Director: Satoru Katsuno

President & Director: Shinji Ozu

 Capital

430.777 billion yen

1.75 billion yen