Discussions on transferring gas pipeline maintenance and management operations to Tokyo Gas's newly established subsidiary
First written in FY2018-Q2. 2 of 9 entries say "Advanced", first in FY2019-Q2. Latest entry: FY2021-Q3.
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- FY2021-Q3Cited as achievedAnnual report
「We transferred the pipeline safety-related business and facility safety-related business within our gas pipeline maintenance and management business to Tokyo Gas Pipeline Network Co., Ltd. through a company split effective 1 April 2020.」
The partial transfer of the gas pipeline maintenance and management business completed in the previous fiscal year was reposted as a completed item under business activities for the first 3 quarters of the current fiscal year. - FY2021-Q1Cited as achievedAnnual report
「We transferred the pipeline safety-related business and facility safety-related business within our gas pipeline maintenance and management business to Tokyo Gas Pipeline Network Co., Ltd. through a company split effective 1 April 2020.」
The transfer of the gas pipeline maintenance and management business completed in the previous fiscal year was reposted as a completed item under business activities and business combinations for the current quarter. A gain on business transfer of ¥894 million was also recorded. - FY2020AchievedAnnual report
「The Company decided to change the pipeline safety-related and facility safety-related businesses within its gas pipeline maintenance and management business from the Company to Tokyo Gas Pipeline Network Co., Ltd. by means of an absorption-type company split and entered into an absorption-type company split agreement on 24 January 2020. / The businesses changed on 1 April 2020 through the company split.」
The change of the pipeline safety-related and facility safety-related businesses within the gas pipeline maintenance and management business was completed on 1 April 2020 following execution of the absorption-type company split agreement. - FY2020-Q3AdvancedAnnual report
「The Company decided to change the pipeline safety-related and facility safety-related businesses within its gas pipeline maintenance and management business from the Company to Tokyo Gas Pipeline Network Co., Ltd. by means of a company split, specifically an absorption-type company split, and entered into an absorption-type company split agreement with Tokyo Gas Pipeline Network Co., Ltd. on 24 January 2020. / Scheduled business separation date: 1 April 2020 / In connection with the absorption-type company split, the Company and Tokyo Gas Pipeline Network Co., Ltd. agreed that the Company would receive cash from Tokyo Gas Pipeline Network Co., Ltd. equal to the amount obtained by adding ¥907 million to the amount of the assets to be split immediately before the effective date and subtracting the amount of liabilities to be split.」
The change in the gas pipeline maintenance and management business progressed from the detailed-discussion and schedule-change stage following the basic agreement to the execution of an absorption-type company split agreement covering the pipeline safety-related and facility safety-related businesses. The effective date was set for 1 April 2020. - FY2020-Q2SoftenedAnnual report
「The parties reached agreement on changes to certain terms of the basic agreement, including excluding the emergency safety-related business from the gas pipeline maintenance and management business subject to the transfer and changing the schedule for the company split. As a result, on 25 October 2019, the Company, Tokyo Gas Pipeline Network Co., Ltd. and Tokyo Gas Co., Ltd. executed a memorandum amending the transfer of the gas pipeline maintenance and management business.」
The emergency safety-related business was excluded from the transfer, and the schedule was changed, with the company split agreement to be executed on 30 January 2020 and the effective date set for 1 April 2020. The scope of the transfer was reduced, and the terms and schedule were changed from the original plan. - FY2019-Q3SoftenedAnnual report
「After executing the basic agreement concerning this company split, the parties held detailed discussions on the transfer of the business, but determined that discussions needed to continue to ensure a smooth transfer and decided to postpone the execution date of the agreement for the company split.」
Detailed discussions on changing the gas pipeline maintenance and management business continued after the basic agreement, and the execution date of the company split agreement was postponed. - FY2019-Q2AdvancedAnnual report
「On 27 September 2018, the Company, Tokyo Gas Pipeline Network Co., Ltd., a wholly owned subsidiary of Tokyo Gas Co., Ltd., and Tokyo Gas Co., Ltd. entered into a basic agreement to change the Company's facility safety, pipeline safety and emergency safety operations, collectively referred to below as the gas pipeline maintenance and management business, from the Company to Tokyo Gas Pipeline Network Co., Ltd.」
The discussions on the transfer previously disclosed progressed to the execution of a basic agreement by the 3 companies. The facility safety-related business was scheduled to change on 1 April 2019, and the pipeline safety-related and emergency safety-related businesses on 1 October 2019. - FY2018DroppedAnnual report
「If the commissioned operations are reviewed, the Company's performance may be affected by a significant change in its order structure and other factors.」
Regarding the discussions disclosed in the previous quarter on changing the gas pipeline maintenance and management operations to Tokyo Gas's newly established subsidiary, this filing no longer contains specific details on the start of the discussions. - FY2018-Q2First statedAnnual report
「Tokyo Gas Co., Ltd., the Company's major customer, plans to establish a new subsidiary responsible for pipeline maintenance and management and construction in response to changes including gas system reform. The Company will begin discussions to change the gas pipeline maintenance and management operations commissioned by Tokyo Gas Co., Ltd. from Tokyo Gas Co., Ltd. to that subsidiary.」
In response to organizational restructuring at Tokyo Gas against the backdrop of gas system reform, the Company first disclosed the start of discussions to change the commissioned gas pipeline maintenance and management operations from Tokyo Gas to its newly established subsidiary as a business and financial issue to be addressed.