WDB Holdings Co. Ltd (2475:TYO), a Japanese holding company that includes staffing firms, announced that it will sell all the shares of its subsidiary Kaken Genex, a firm that manufactures gas injection equipment and nitrogen generation equipment.

The sale price is JPY 201.58 million (USD 1.74 million). The identity of the buyer was not disclosed.

The date of the transfer of the shares is 25 February 2022.

The company said it is selling its subsidiary, a non-core business, in order to select and concentrate business resources.

Revenue for Kaken Genex during the fiscal year ending March 2021 stood at JPY 261.94 million (USD 2.26 million), a decrease of 24.9% on the previous year. The group also posted an operating loss of JPY 7.75 million (USD 67,045) during the same period.

WDB Holdings provides four core services primarily in the clinical/scientific sector: human resource services (permanent placement and temporary dispatch), contract research organisation (CRO), R&D/manufacturing, and ‘interaction’ services (M&A and research).

In November 2021, WDB Holdings reported revenue rose 7.6% in the first six months ended 30 September 2021 to JPY 23.23 billion (USD 204.0 million).