TOKYO, Apr 28 (Pulse News Wire) – North Sea Electric Co. (1832.T) disclosed significant shareholding details as of March 31, 2026.
The company reported that Hokkaido Electric Power Co., its parent firm, holds 55.80% of voting rights directly and indirectly through subsidiaries. Additionally, Hokkaido Electric Network Co., another affiliate, owns 55.64% of the voting rights. In the fiscal year ending March 31, 2026, transactions with the parent company accounted for more than 70% of North Sea Electric's revenue. However, the company noted that these transactions adhere to fair conditions similar to those with unrelated third parties, ensuring necessary and reasonable grounds for pricing decisions. One director and four auditors also hold concurrent positions within the parent company, while six employees are transferred from Hokkaido Electric Power Co.
North Sea Electric maintains cooperative relations with its parent company-led group but ensures independent decision-making processes for operational strategies and business plans. The company highlighted that the presence of concurrently serving directors and employee transfers does not impede its autonomous management judgment. Regarding transactions with controlling shareholders, North Sea Electric stated that interest income from deposits amounted to ¥1 billion, while outstanding receivables reached ¥1 billion. Construction contracts with Hokkaido Electric Network Co. totaled ¥54.227 billion, with uncollected revenues amounting to ¥54.227 billion.
The company emphasized that transaction conditions align with those of unrelated third-party deals, safeguarding minority shareholder interests.
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