|
|
|
|
|
TOKYO, Aug 3, 2018 - (JCN Newswire) - NEC Corporation (TSE: 6701) announced today that NEC has determined to transfer (i) all shares of NEC Energy Devices, Ltd. owned by NEC to Envision Electrodes Corporation Ltd, a member of Envision Group, a renewable energy company, and (ii) all shares of Automotive Energy Supply Corporation (AESC) owned by NEC and NEC Energy Devices to Nissan Motor Co., Ltd. (Nissan), thereby enabling Nissan to transfer all shares of AESC to Envision.
The transfer of NEC Energy Devises shares to Envision and AESC shares to Nissan is subject to the fulfillment of the conditions outlined in the transfer of shares. If these transfers are executed, capital gain will occur.
1. About the Transfer of Shares
NEC is focusing on Solutions for Society businesses. In the smart energy field, NEC is shifting towards services for the construction, operation, and maintenance of electric storage systems to support goals such as stabilizing power grids and improving the efficiency of companies' energy use.
Based on this policy, NEC had determined to transfer all shares of AESC owned by NEC and NEC Energy Devices to Nissan, thereby enabling Nissan to transfer all shares of AESC, as well as Nissan's electric battery operations and production facilities, to GSR Capital (GSR), a private investment fund, as described in the "Regarding the recording of gain from the transfer of shares in an affiliated company accounted for by the equity-method" press release dated August 8, 2017.
NEC had also determined to transfer shares of NEC Energy Devices owned by NEC to GSR as described in the "Regarding the recording of gain from the transfer of shares in a consolidated subsidiary" press release dated December 4, 2017. Those transactions were scheduled to be executed on June 29, 2018 as all precedent conditions were fulfilled, however, those transactions were not executed as GSR failed to fulfill the purchaser's payment obligations under those transactions, due to lack of funds. After that, Nissan and NEC entered into negotiations with Envision and, as Nissan and NEC agreed to deal with Envision, NEC has determined to transfer NEC Energy Devices shares and AESC shares as described in the share transfer summary.
The transfer of NEC Energy Devices shares to the Company and AESC shares owned by NEC and NEC Energy Devices to Nissan is respectively subject to (i) the fulfillment of the closing conditions of the other share transfer agreement, and (ii) the fulfillment of the closing conditions of the share transfer between Nissan and Envision.
The transfer of NEC Energy Devices shares to the Company and AESC shares owned by NEC and NEC Energy Devices to Nissan is scheduled to be executed on the same day as the transfer of AESC shares to Envision by Nissan.
2. Share Transfer Summary
(1) Transferred shares and transferee
-- NEC Energy Devices shares
Number of transferred shares: 4,000 shares (percent ownership: 100%)
Transferee: Envision Electrodes Corporation Ltd
-- AESC shares
Number of transferred shares: 45,962 shares
Portion owned by NEC: 39,396 shares (percent ownership: 42%)
Portion owned by NEC Energy Devices: 6,566 shares (percent ownership: 7%)
Transferee: Nissan Motor Co., Ltd.
(2) Scheduled Transfer Date
March 29, 2019
3. Future Outlook
Approximately 10.0 billion yen in operating profit upon execution of the transfer of the NEC Energy Devices shares and approximately 10 billion yen in non-operating income upon execution of the transfer for AESC shares are expected to be recorded in the consolidated financial statement for the fiscal year ending March 31, 2019. This profit and income, however, has already been incorporated in the financial forecasts for the fiscal year ending March 31, 2019.
Contact:
NEC
Seiichiro Toda
s-toda@cj.jp.nec.com
+81-3-3798-6511
Topic: Press release summary
Source: NEC Corporation
Sectors: Alternative Energy
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| NEC Corporation |
| Sept 30, 2025 18:52 HKT/SGT |
|
Ouribank Signs Agreement with NEC to Implement AI-Native Data Center and Campus Network from HPE Juniper Networking for Enhanced Operational Efficiency |
| Sept 29, 2025 15:24 HKT/SGT |
|
NEC Releases Third Edition of TNFD Report |
| Sept 26, 2025 20:20 HKT/SGT |
|
NEC Launches 25Gb/s SFP28 Bi-directional Optical Transceiver Capable of 80km Transmission |
| Sept 24, 2025 13:43 HKT/SGT |
|
Meta, SoftBank Corp., IPS, TM, XLSmart, and NEC to build the Candle Submarine Cable System, Intra Asia, 24-Fiber Pair Optical Submarine Cable, Connecting Japan to Singapore |
| Sept 19, 2025 18:00 HKT/SGT |
|
MOTER Technologies and NEC Form Strategic Capital Alliance to Advance the Future of Mobility Through Digital Innovation |
| Sept 16, 2025 13:00 HKT/SGT |
|
NEC Publishes ESG Initiatives Supporting Sustainable Growth of Companies and Society in "ESG Databook 2025" |
| Sept 12, 2025 14:08 HKT/SGT |
|
The University of Osaka D3 Center Commences Operation of New Computing and Data Infrastructure Built by NEC |
| Sept 5, 2025 10:20 HKT/SGT |
|
NEC participates in Locked Shields 2025 hosted by the NATO Cooperative Cyber Defence Centre of Excellence |
| Sept 4, 2025 10:15 HKT/SGT |
|
NEC to begin proof of concept for early earthquake detection and analysis in Colombia |
| Aug 27, 2025 21:57 HKT/SGT |
|
NEC develops AI technology for digitalizing work tasks without the need for pre-training and utilizing video from multiple cameras covering wide area worksites |
| More news >> |
 |
|
|
|
