Tomen and Tokyo Electric Power Company (TEPCO) Form New Entity; Tomen Power Holdings Corporation (TPHC) Renamed Eurus Energy Holdings Corporation; Remains World's Leading Wind and Renewable Energy Company
2002-10-01
Tomen Corporation announced today that Tomen Power Holdings Corporation (TPHC), the world's leading wind power developer, was renamed "Eurus Energy Holdings Corporation" (Eurus Energy) on September 30, 2002, and completed a capital increase today. The announcement follows the basic agreement made on June 26, 2002 and the conclusion of the final agreement between Tomen and TEPCO. TEPCO now becomes an investment partner in TPHC.
On September 30, 2002, Tomen sold 3,000 shares of TPHC, half of its 6,000 shares in TPHC (100% owned by Tomen), valued at ¥5.1 billion, to TEPCO.
Also today, Eurus Energy, the new entity (formerly TPHC), increased its capital by issuing 6,352 new shares valued at ¥10.8 billion in total. Tomen and TEPCO purchased 50% of the new shares, 3,176 shares valued at ¥5.4 billion each. Out of the ¥10.8 billion, ¥5.4 billion was put into capital account to increase its capital from ¥0.3 billion to ¥5.7 billion while the remaining 5.4 billion was transferred into capital reserve. These transactions were completed today. The new partnership in Eurus Energy consists of Tomen Corp (50%) and TEPCO (50%).
| The new name, Eurus Energy Holdings Corporation, was originated from the Greek myth of, "Eurus," meaning "God of wind from the East." Eurus Energy plans to expand with its three regional development companies in Japan, the United States and Europe, and to maximize the benefits of the synergy of combining the expertise of both Tomen and TEPCO. | |  |
With regard to today's announcement, Mr. Morihiko Tashiro, president of Tomen, said, " I am pleased to announce that the plans for investment in Eurus are being executed on schedule. We are building value in the company daily, as evidenced by our partnership with TEPCO, and we fully anticipate Eurus' continued growth and contribution to the dynamic energy sector."
Outline of Eurus Energy Holdings Corporation
| Company name: | Eurus Energy Holdings Corporation |
| Representative: | Mr.Yoshimasa Kondo, President and Representative Director |
| New address: | 1-11-30 Akasaka, Minatoku, Tokyo (effective December 2002) |
| Amount of capital: | ¥5.6992 billion |
| Share issued: | 12,352 shares |
| Shareholder: | Tomen Corporation (50%), TEPCO (50%) |
| Number of employees: | 85 employees |
Board members and Corporate Auditors of Eurus Energy Holdings Corporation
Mr. Toshio Hori, Chairman and Representative Director
Mr. Yoshimasa Kondo, President and Representative Director
Mr. Tetsuro Nagata, Executive Vice President and Representative Director
Mr. Michio Ishidate, Director
Mr. Akira Hirai, Director
Mr. Tatsuru Hosomi, Director
Mr. Takashi Yamashita, Corporate Auditor
Mr. Shinichiro Mizuno, Corporate Auditor
Mr. Seiichi Kurooka, Corporate Auditor
Mr. Toshiro Kudama, Corporate Auditor
Business Projection
Combining Tomen's leadership position in the world wind power market with TEPCO's technological expertise and market information will make rapid expansion of the new venture in the renewable energy field possible. The business projection for the new venture is being discussed by Tomen and TEPCO, and the projection will be completed before the end of 2002.
About Eurus Energy Holdings
Eurus Energy (formerly Tomen Power Holdings Corporation) has established the leading position among the world's wind power developers. It operates wind power generation projects in the United States, the United Kingdom, Spain, Italy and Japan, with a total electric generation capacity of 606 thousand kilowatts of current operating projects, and total electric generation capacity of 2,400 thousand kilowatts including projects under construction and development.
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