Tosoh establishes Vietnam subsidiary, discloses late reporting

** Tosoh Corporation (TSE:4042) announced the establishment of Tosoh Vietnam Polyurethane Co., Ltd on April 4, 2024, while also admitting to a delayed disclosure regarding the subsidiary's qualification as a specified subsidiary. The Vietnamese entity, located in the Phu My 3 Specialized Industrial Park, boasts a capital of VND1,410,000 million and is wholly owned by Tosoh. Headed by General Director Hiromasa Arami, its core business will involve the separation and purification of MDI intermediate materials, along with the sales of MDI products. While construction of the facility is underway, operations are projected to commence in spring 2027. Though the Vietnamese subsidiary qualifies as a specified subsidiary, the required disclosure under the listing regulations concerning changes in subsidiaries was not made on time. Tosoh apologizes for this oversight, and clarifies that the subsidiary's financials will be consolidated into the company's results from the fiscal year ending March 2025 onwards, with no anticipated material impact on the consolidated financial results for that period. Tosoh intends to supply the raw materials to the subsidiary.