Resonac Holdings has one fewer condition to worry about. On September 7, 2026, the Tokyo Stock Exchange approved the listing of Crasus Chemical, the petrochemicals subsidiary Resonac's board voted on August 25 to spin off, on the TSE Standard market. That approval, so long as it is not withdrawn, was the sole effectiveness condition attached to the spin-off, so the separation is on track to proceed on October 1 as planned.
The mechanism is an in-kind dividend, not a sale. Resonac will distribute one Crasus Chemical share for every Resonac share on its shareholder register as of the September 30 record date.
| Date | Event |
|---|---|
| September 28, 2026 (Monday) | Last day to buy Resonac shares with dividend rights attached |
| September 29, 2026 (Tuesday) | Resonac shares trade ex-rights; Crasus Chemical shares begin trading on the TSE Standard market |
| September 30, 2026 (Wednesday) | Record date for the in-kind share dividend |
| October 1, 2026 (Thursday) | Dividend takes effect and the distribution is executed |
Crasus Chemical's shares are due to start trading the same day as the ex-rights date, September 29, using a direct-listing method rather than an initial public offering. The opening price will be set by actual investor supply and demand within a price band anchored to a "reference circulation price" submitted by lead underwriter Mizuho Securities; the Japan Exchange Group is expected to publish that reference figure on its new-listings website roughly a week before the debut.
Resonac's own books record the dividend at book value, not market value: approximately ¥37.79bn in total, or ¥199.02 per share, charged against retained earnings. The company is explicit that this figure reflects accounting book value and does not indicate what Crasus Chemical shares will actually trade for once listed.
Once the shares leave the register, Resonac's residual stake in Crasus Chemical falls below 20%. That takes the unit out of consolidation and, because Resonac says it will no longer hold significant influence over it, out of equity-method treatment as well. Under IFRS, Resonac plans to book the business as a disposal group held for distribution to owners and present it as discontinued operations starting in the current fiscal year's third quarter, with further accounting entries at execution when control is lost. Resonac is careful to say the precise impact on its consolidated results "is still under review and has not been finalized".
What is actually leaving the balance sheet is not small. For the year ended December 2025, Crasus Chemical reported revenue of ¥303.9bn, operating profit of ¥4.2bn, ordinary profit of ¥5.6bn, total assets of ¥191.2bn and net assets of ¥74.6bn, with book value of ¥284.12 per share. Resonac currently owns all of it. Capitalized at ¥110mn and founded in August 2024, the company makes basic petrochemicals such as ethylene and propylene, acetic-acid-based organic chemicals, and synthetic resins. Its employees are presently on secondment from Resonac Holdings and an affiliated Resonac entity but are due to transfer onto Crasus Chemical's own payroll once the listing takes effect; none of its board members are seconded from the parent. Commercial dealings between the two companies will, in principle, be unwound, with any surviving contracts reviewed case by case for necessity and terms.
The listing approval locks in the mechanics of the split. What it does not yet settle is how large a dent the separation leaves in Resonac's own reported earnings once the discontinued-operations accounting works its way through the numbers.