Crasus Chemical shares started trading on the Tokyo Stock Exchange's Standard Market on September 29 under code 646A, which clears the last stated condition for Resonac Holdings' partial spin-off of its petrochemicals business. The listing is done. The distribution is not: the spin-off takes effect on October 1, a Thursday, and the accounting break with Resonac follows that date. Approval of the listing was covered in an earlier report.
What changes on October 1
Resonac said the spin-off goes ahead as scheduled because the listing was completed and the approval was not withdrawn, which was a condition of the deal taking effect. Once it executes, Resonac's holding in Crasus Chemical falls below 20%. Crasus Chemical then stops being a consolidated subsidiary. Resonac also expects to have no significant influence over it, so the company is to be left out of equity-method accounting.
Crasus Chemical's own parent-change notice puts numbers on it. Resonac distributes 81.43% of the shares in kind to its shareholders, and its voting rights fall from 2,344,154 (100.00%) to 435,266 (18.57%), which makes it the largest shareholder rather than the parent. Crasus Chemical's interim report says Resonac shareholders on the September 30 record date receive one Crasus Chemical share per Resonac share. The parent-change notice says the change does not affect Crasus Chemical's earnings outlook. It gives no plan for the residual stake.
| Date | Event |
|---|---|
| September 29 (Tue) | Resonac shares trade ex-rights; Crasus Chemical shares begin trading on the TSE Standard Market |
| September 30 (Wed) | Record date for the in-kind dividend |
| October 1 (Thu) | In-kind dividend effective date and distribution date |
The company being cut loose
Crasus Chemical is a single-segment petrochemicals group. For the year to December 2026 it forecasts sales of ¥323.4bn (up 6.4%), operating profit of ¥3.0bn (down 28.8%) and net profit attributable to owners of the parent of ¥1.7bn (down 45.1%). For the first half it reported sales of ¥132.0bn and operating profit of ¥3.56bn.
The first-half figure leans on inventory accounting. Crasus Chemical says a naphtha price spike added ¥7.2bn of positive inventory valuation effect to gross profit, and its full-year forecast assumes a negative ¥8.2bn effect from July as naphtha prices fall. The company also reported an operating cash outflow of ¥17.9bn in the half. Short-term borrowings rose to ¥67.3bn from ¥52.1bn at the end of 2025, and cash fell to ¥9.5bn from ¥17.3bn.
On shareholder returns, Crasus Chemical targets a dividend on equity ratio of 5% and forecasts a ¥12 annual dividend per share. Its half-year report is not covered by an auditor's review, and the company warns that actual results may differ significantly from its forecasts.
What to watch
The date-sensitive piece is the sequence. Resonac shares traded ex-rights on September 29, the record date is September 30, and the effective date is October 1. Until the distribution executes, Resonac still owns all of Crasus Chemical's shares.