Press Release
Annulment of Capital Ties with Hokuriku Ines Co., Ltd.
May 22, 2014
Chubu Electric Power Co.,Inc.
Chubu Electric Power would like to announce that we have decided to annul all capital ties with our group company, Hokuriku Ines Co., Ltd. (hereinafter "Hokuriku Ines"). All stock held by Chubu Electric Power will be transferred to the largest stockholder, Hokuriku Electric Power Company. (hereinafter "Hokuriku Electric Power").
Together with Hokuriku Electric Power, Iwatani Corporation, and JX Nippon Oil & Energy Corporation, our company established Hokuriku Ines in August, 2001. Through the wholesale supply of the entire amount of liquefied natural gas (hereinafter "LNG") sold by Hokuriku Ines, we contributed to the widespread use and stable supply of LNG in the Hokuriku region.
Competition among energy business areas is intensifying among the advancing liberalization of the gas and electric power industries. As a result of consultations with Hokuriku Electric Power concerning the future operation of Hokuriku Ines, we agreed to make Hokuriku Ines a subsidiary of Hokuriku Electric Power and to more proactively operate the business, and decided to transfer all Hokuriku Ines stock held by our company to Hokuriku Electric Power.
Although the capital ties with Hokuriku Ines will be annulled, the future wholesale supply of LNG to Hokuriku Ines will continue.
[Stock Transfer Summary]
|
Stock transfer date |
June 10, 2014 (Scheduled) |
|---|---|
|
No. of shares to be transferred |
1,360 |
(Reference) Summary of Hokuriku Ines (May 22, 2014)
|
Firm name |
Hokuriku Ines Co., Ltd. |
|---|---|
|
Main business |
Sale of LNG |
|
Date of establishment |
August 31, 2001 |
|
Head office |
18-7 Ushijima-cho, Toyama City |
|
Representative |
President Yoshio Kyotani |
|
Capital |
200 million yen |
|
Shareholder |
Hokuriku Electric Power Company (41%) |