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Resonac Wins TSE Nod to List Crasus Chemical after Spin‑Off

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Resonac (TYO:4004) has received approval from the Tokyo Stock Exchange to list the common shares of its wholly owned subsidiary, Crasus Chemical, on the Standard Market, effective Sept. 29, as part of a partial spin-off of the petrochemical business.

The listing will be conducted via direct listing, with the initial reference price set by the exchange based on a quotation from lead manager Mizuho Securities, the filing said.

The opening price will be determined by actual supply and demand within the upper and lower price limits under special quote rules.

Following the spin-off, Resonac's ownership in Crasus Chemical is expected to drop below 20%, so Crasus will no longer be a consolidated subsidiary nor qualify for equity-method treatment.

The financial impact on Resonac's consolidated results is still under review.

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