Announcement on Result of TOB (takeover bid) [KEPCO]

Press Releases & News

2003

March 20,2003

Company name:: The Kansai Electric Power, Co., Inc
Company representative:: Yohsaku Fuji,
President and Director
Code no.:: TSE 9503
Listed in:: The first section of the Stock Exchanges of Tokyo, Osaka, and Nagoya
Contact:: Tetsuro Maeda, General Manager, Office of Financing and Accounting

Announcement on Result of TOB (takeover bid)

At the meeting of the board of directors on February 26, 2003, we, Kansai Electric Power Co., Inc. resolved to purchase the shares of Osaka Media Port Corporation through TOB. We announced the results of the TOB started from February 27, 2003 and ended on March 19, 2003 as follows:

1. Outline of TOB (announced on February 26, 2002)
	(1) Name and address of purchaser		The Kansai Electric Power Co., Inc. 3-3-22 Nakanosima, Kita-ku, Osaka, Japan
	(2) Target company name		Osaka Media Port Corporation
	(3) Class of stock to be purchased		Common stock
	(4) Period of TOB
		Twenty-one days from February 27, 2003 (Thursday) and through March 19, 2003 (Wednesday)
	(5) Purchase price		50,000. yen per share


2. Result of TOB
	(1) Result of subscription
		Number of shares planned to be purchased:	356,900 shares
		Number of shares subscribed: (Number of shareholders subscribed: 126)	226,100 shares
		Number of purchased shares:	226,100 shares

	(2) Result of TOB
		We purchase all the shares subscribed as shown on the TOB registration documents.
	(3) Change of number of owned stock through TOB
		Number of owned stock prior to TOB:	123,100 shares (shares held: 25.65%)
		Number of owned stock after TOB:	349,200 shares (shares held: 72.75%)
	(4) Total amount paid for purchasing all the subscribed shares:

3. Settlement
	(1) Agent for TOB
		Nomura Securities Co., Ltd. 1-9-1 Nihonbashi, Chuo-ku, Tokyo, Japan
	(2) Commencement date of settlement
		March 28, 2003 (Friday)
	(3) Settlement method
		Notification letters are sent to the subscribed shareholders promptly after the period of TOB. Shares are purchased in cash. The payment is remitted promptly by Nomura Securities Co., Ltd. to delivery address specified by shareholders or received at offices of the agent after the settlement start date.

4.Outlook
	Upon completion of the process of TOB, the target company will be a consolidated subsidiary of Kansai Electric Power Co., Inc. The impact of this transaction on the business results of Kansai Electric Power Co., Inc. and its consolidated companies for the period ending March 2003 will be slight.