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The Kansai Electric Power to Transfer MOACT App Business to New Subsidiary via Company Split

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The Kansai Electric Power (TYO:9503) has agreed to resolved to transfer its behavioural change application MOACT business to a newly established wholly owned subsidiary, MOACT Inc, via a simplified incorporation-type company split.

The move was approved on May 26 and scheduled for completion on July 1, according to a Tokyo bourse filing.

Under the split, the new company will issue 100 shares of common stock, all to be allotted to Kansai Electric, and will succeed assets worth 279 million yen and liabilities of 54 million yen related to the MOACT business as of April 30.

The MOACT business generated net sales of 15 million yen for the fiscal year ended March.

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