SWCC (TYO:5805) has agreed to transfer all 6,200 shares it holds in AXIO Corp., a wholly owned consolidated subsidiary, to Yokogawa Rental & Lease, with the share transfer agreement concluded on May 27, and the transaction scheduled for July 1, subject to clearance under the Japanese Anti-monopoly Act.
The decision to transfer AXIO, an IT solutions company specializing in cloud-based ID management services under the Keyspider brand, forms part of SWCC's business portfolio reforms under its Medium-term Management Plan, according to a Tokyo bourse filing on Thursday.
The transfer price has not been disclosed under the agreement with the counterparty, though SWCC expects to record a profit from the transaction and is currently assessing the impact on its net profit.