Notice regarding Company Form after Split of Gas Pipeline Business and Company Split Method[PDF : 87KB]
November 30, 2020 at 01:11 am EST
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Company:
Representative:
Contact:
November 30, 2020
Tokyo Gas Co., Ltd. UCHIDA Takashi, President (Securities code: 9531, TSE1 & NSE1)
FUKUO Tomonaga
General Affairs Group Manager
Notice regarding Company Form after Split of Gas Pipeline Business and Company Split Method
Tokyo Gas Co., Ltd. hereby announces that it has decided on company forms after a company split and a company split method in order to prepare for the legal separation of the pipeline division in April 2022 as required by the Gas Business Act, as follows.
The company split of the gas pipeline business is subject to approval by a resolution of the annual general meeting of shareholders scheduled to be held in June 2021 and the acquisition of licenses and approvals by the competent government agencies.
Purpose and Company Form after Company Split
To further ensure the neutrality of the pipeline division, the gas pipeline business will be spun off and the gas pipeline business company will be established as a wholly owned subsidiary.
Company Split Method
The method is an absorption-type company split with Tokyo Gas as a splitting company and a Split Preparation Company as a succeeding company.
Schedule of Company Split
April 2021
Establishing a Split Preparation Company
April 2021
The Board of Directors (of Tokyo Gas) will meet to approve an absorption-type
company split agreement
Tokyo Gas and the Split Preparation Company will enter into the
absorption-type company split agreement
June 2021
The general meeting of shareholders (of Tokyo Gas) to approve the
absorption-type company split agreement
April 1, 2022
Effective date of the absorption-type company split agreement
4. Others
Information on other matters will be announced as soon as it is determined.
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[Reference] Business Structures in the Course of Company Split (Illustration)
○ Establishment of a
○ At present
Split Preparation
○ Company split effective
Company in April
on April 1, 2022
2021
Tokyo Gas Co., Ltd.
Gas production business
Gas retailing business
Gas pipeline business
(Pipeline Network
Company)
:
Tokyo Gas Co., Ltd.
Tokyo Gas Co., Ltd.
Gas production business
Gas production business
Gas retailing business
Gas retailing business
Gas pipeline business
(Pipeline Network
Company)
::
100% funded by Tokyo Gas
Absorption-type company split
Split Preparation Company
Will be tasked with preparations for the start of operations of the gas pipeline business company, such as filing applications and notifications
Gas pipeline business
operator*
Gas pipeline business,
etc.
*On April 1, 2022, the assets, liabilities and other rights and obligations related to the gas pipeline business of Tokyo Gas Co., Ltd. will be succeeded to the Split Preparation Company, which will then commence operations as a gas pipeline business operator.
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Tokyo Gas Co. Ltd. published this content on 30 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2020 06:10:02 UTC
Tokyo Gas Co., Ltd. specializes in production and distribution of natural gas. Net sales break down by activity as follows:
- production and distribution of natural gas (56.9%): 13billion m3 gas distributed in 2019/20;
- electric power distribution (22.4%);
- valves and gas pipes installation services (16.6%);
- real estate leasing (1.2%);
- other (0.5%): energy services, power distribution, natural gas transportation, etc.
The remaining sales (2.4%) are from international activities