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| Gas Business Goodwill Transfer/Acceptance |
| 21/04/2005 |
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| English Translation |
Wakamatsu Gas K.K.
Wakamatsu Gas Nenryo Kiki K.K.
Showa Shell Sekiyu K.K. |
Showa Shell Sekiyu K.K. (Haruyuki Niimi:Chairman/Representative Director, "Showa Shell Sekiyu" hereafter), Wakamatsu Gas K.K. (Ryuichiro Takagi, President/Representative Director, "Wakamatsu Gas" hereafter) and Wakamatsu Gas Nenryo Kiki K.K. (Shinya Sato, President/Representative Director, "Wakamatsu Gas Nenryo Kiki" hereafter) have concluded a basic agreement to transfer the goodwill of gas business to a 100% subsidiary of Showa Shell Sekiyu.
Showa Shell Sekiyu will support Wakamatsu Gas Group by the transfer of goodwill, which has been decided based on request by Wakamatsu. The local gas business with high public interest in nature will be continued by the goodwill transfer, which will contribute to the local community, as well as materialising Showa Shell Sekiyu's strategy to develop new opportunities adjacent to its core business.
The new business operation is expected to commence from July this year followed by conclusion of an official contract and acquisition of necessary permissions from authorities.
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