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A newly created company called CGE Gas Natural will take over the gas business, while the electricity unit will continue with the name CGE.
The restructuring is meant to improve efficiency and corporate governance, as well as facilitate a 10-year, US$1.1bn investment plan announced at the end of 2015 to expand natural gas access in the country.
CGE, a subsidiary of Spain's Gas Natural Fenosa, has requested 16 new natural gas distribution concessions in Chile, CEO Antonio Gallart told reporters after the meeting.
Gallart said the company hopes to gain approval for the concessions from electricity and fuels regulator SEC by the end of this year.
CGE operates in the power generation, transmission and distribution segments, as well as in the transportation and distribution of natural gas and LPG.