Press Release
Transfer of Electric Power Retail Business in the Greater Tokyo Area to CD Energy Direct Co., Ltd.
January 31, 2020
Chubu Electric Power Co.,Inc.
In April 2018, Chubu Electric Power Co., Inc. ("Chubu Electric Power") and Osaka Gas Co., Ltd. ("Osaka Gas") established 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, and Chubu Electric Power transferred a portion of its electric power retail business in the greater Tokyo area to CD Energy Direct (announced on May 29, 2018).
Today, Chubu Electric Power announces that an absorption-type split agreement has been concluded to transfer the remainder of its electric power retail business in the greater Tokyo area to CD Energy Direct effective in July 2020.
A separate announcement will be provided to customers affected by the business transfer.
1 Summary of company spin-off
|
Company spinning off business |
Chubu Electric Power Retail Sales Business Split Preparation Company, Incorporated (Note 1) |
|---|---|
|
Company succeeding business |
CD Energy Direct Co., Ltd. |
|
Agreement date |
January 31, 2020 |
|
General meeting of shareholders for approval of absorption-type split agreement (Note 2) |
CD Energy Direct: Mid-May 2020 (scheduled date) |
|
Effective data |
July 01, 2020 (scheduled date) |
|
Spin-off consideration |
60,000 CD Energy Direct common shares |
|
Business succeeded by the succeeding company |
Chubu Electric Power's existing electric power retail business in the greater Tokyo area (excluding a portion of the business) |
|
Rights and obligations succeeded by the succeeding company |
CD Energy Direct will succeed to the rights and obligations associated with the business. |
2 Overview of companies involved in company spin-off (estimated as of July 01, 2020)
|
Company spinning off business |
Company succeeding business |
|
|---|---|---|
|
Company name |
Chubu Electric Power Miraiz Co., Inc. (Note 1) |
CD Energy Direct Co., Ltd. |
|
Business activities |
Electric power and gas sales, etc. |
Electric power and gas sales, etc. |
|
Established date |
April 01, 2019 |
April 02, 2018 |
|
Location of headquarters |
1, Higashi-shincho, Higashi-ku, Nagoya City |
4-5-1, Nihonbashi Muromachi, Chuo-ku, Tokyo |
|
President & Director |
President & Director: Kingo Hayashi |
President & Director: Shinji Ozu |
|
Capital |
4 billion yen |
1.75 billion yen |
(Note 1) Chubu Electric Power plans to transfer all its electric power retail business, including that in the greater Tokyo area, to Chubu Electric Power Retail Sales Business Split Preparation Company ("Retail Preparation Company") (announced on April 26, 2019). In addition, the Retail Preparation Company will change its company name to Chubu Electric Power Miraiz Co., Inc. on April 01, 2020.
(Note 2) The Retail Preparation Company will carry out the spin-off without approval of the general meeting of shareholders pursuant to Article 784, Paragraph 2 (simple spin-offs) of the Company Act.