Press Release
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 02, 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) |
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Date on which the absorption-type split will take effect |
August 01, 2018 (Scheduled date) |
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Spin-off considerations |
3,000 CD Energy Direct common shares |
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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 01, 2018 (Scheduled))
|
Company spinning off business |
Company succeeding business |
|
|---|---|---|
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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 01,1951 |
August 01,2018 |
|
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 |