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Resonac Board Approves Partial Spin-off of Unit Crasus Chemical

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Resonac (TYO:4004) said its board approved the partial spin-off of wholly owned subsidiary Crasus Chemical, its petrochemical business, effective Oct. 1, according to a Tokyo Stock Exchange filing on Tuesday.

The Japan-based chemical company said that the spin-off is subject to Tokyo Stock Exchange approval for the listing of its unit, Crasus Chemical, and following the transaction, its holding in the company will fall below 20%.

Under the approved plan, shareholders registered as of Sept. 30 will receive one Crasus share for each Resonac share they hold, with the distributed shares having an estimated carrying amount of 37.8 billion yen.

The Crasus Chemical shares are scheduled to be admitted to trading on the Tokyo Stock Exchange on Sept. 29.

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