Spin-offs in the rest of the world

TransactionTriveni Engineering & Industries demerged its power transmission (industrial gearbox) business into Triveni Power Transmission on a 1-for-3 basis (record date 22 July 2026), with listing on NSE and BSE.

TransactionGujarat Gas (renamed Gujarat Energy), after absorbing GSPC and Gujarat State Petronet under a composite scheme effective 1 May 2026, demerged the roughly 2,800 km Gujarat gas transmission business into GSPL Transmission on a 1-for-3 basis (record date 2 July 2026), with listing on NSE and BSE.

TransactionAllcargo Logistics demerged its international supply chain business (LCL consolidation, FCL and air freight) into Allcargo Global on a 1:1 basis (record date 12 November 2025) as part of a composite scheme that also merged Allcargo Gati, with listing on NSE and BSE.

TransactionVedanta demerged its aluminium business into Vedanta Aluminium Metal as part of a four-way demerger, distributing one share for every Vedanta share (record date 1 May 2026), with listing on NSE and BSE.

TransactionVedanta demerged its power business into Vedanta Power as part of a four-way demerger, distributing one share for every Vedanta share (record date 1 May 2026), with listing on NSE and BSE.

TransactionVedanta demerged its oil and gas business into Vedanta Oil & Gas as part of a four-way demerger, distributing one share for every Vedanta share (record date 1 May 2026), with listing on NSE and BSE.

TransactionVedanta demerged its iron ore and steel business into Vedanta Iron and Steel as part of a four-way demerger, distributing one share for every Vedanta share (record date 1 May 2026), with listing on NSE and BSE.

TransactionHindustan Unilever demerged its ice cream business into Kwality Wall's (India) on a 1:1 basis (record date 5 December 2025), with listing on NSE and BSE and a 26% open offer by The Magnum Ice Cream Company.

TransactionShankara Building Products demerged its building-materials retail and distribution business into Shankara Buildpro on a 1:1 basis (record date 24 September 2025), with listing on NSE and BSE.

TransactionSKF India demerged its industrial bearings business into SKF India (Industrial) on a 1:1 basis (record date 15 October 2025), keeping the automotive business in the parent, with listing on NSE and BSE.

TransactionValor Estate demerged its hospitality undertaking into Advent Hotels International on a 1-for-10 basis (record date 18 July 2025), with listing on NSE and BSE.

TransactionTata Motors demerged its commercial vehicles business into a separately listed company on a 1:1 basis (record date 14 October 2025), with the parent renamed Tata Motors Passenger Vehicles and the CV company listing on NSE and BSE.

TransactionSterlite Technologies demerged its global services business into STL Networks (formerly Invenia) on a 1:1 basis (record date 24 April 2025), with listing on NSE and BSE.

TransactionRaymond demerged its real estate business into Raymond Realty on a 1:1 basis, with listing on NSE and BSE.

TransactionAditya Birla Fashion and Retail demerged its Madura Fashion & Lifestyle brands business into Aditya Birla Lifestyle Brands on a 1:1 basis (record date 22 May 2025), with listing on NSE and BSE.

TransactionSiemens Ltd demerged its energy business into Siemens Energy India on a 1:1 basis (record date 7 April 2025), with listing on NSE and BSE at a market value above Rs 1 lakh crore.

TransactionQuess Corp demerged its technology and business-process services arm into Digitide Solutions on a 1:1 basis, with listing on NSE and BSE.

TransactionQuess Corp demerged its facility management, security and industrial services business into Bluspring Enterprises on a 1:1 basis, with listing on NSE and BSE.

TransactionHercules Hoists demerged its material-handling manufacturing business into Indef Manufacturing, allotting one share for every Hercules Hoists share held, with listing on NSE and BSE.

TransactionITC demerged its hotels business into ITC Hotels, distributing one ITC Hotels share for every ten ITC shares (record date 6 January 2025) while retaining about 40%, with listing on NSE and BSE.

TransactionStrides demerged its specialty pharma CDMO business into OneSource Specialty Pharma (formerly Stelis Biopharma), giving shareholders one OneSource share for every two Strides shares, with listing on NSE and BSE.

TransactionSanofi India demerged its consumer healthcare business into Sanofi Consumer Healthcare India, issuing one share for each Sanofi India share held (record date 13 June 2024), with the new company listing on NSE and BSE.

TransactionRaymond demerged its lifestyle (branded apparel and textiles) business into Raymond Lifestyle, issuing four shares for every five Raymond shares held (record date 11 July 2024), with the new company listing on NSE and BSE.

TransactionBorosil Ltd demerged its scientific and industrial products business into Borosil Scientific, issuing three Borosil Scientific shares for every four Borosil shares (record date 5 December 2023), with the new company listing on NSE and BSE.

TransactionShipping Corporation of India demerged its non-core assets (land and buildings) into Shipping Corporation of India Land and Assets, issuing one share for each SCI share held (record date 31 March 2023), with the new company listing on NSE and BSE.

TransactionSaregama India demerged its e-commerce distribution business into Digidrive Distributors, which listed on NSE and BSE after a special pre-open price discovery session.

TransactionSundaram-Clayton demerged its auto-component (aluminium die-casting) manufacturing business into a new Sundaram-Clayton Ltd, issuing one share for each share held, while the parent was renamed TVS Holdings; the new company listed on NSE and BSE.

TransactionBajaj Electricals demerged its power transmission and distribution EPC business into Bajel Projects, issuing one Bajel share for each Bajaj Electricals share held (record date 14 September 2023), with the new company listing on NSE and BSE.

TransactionEdelweiss Financial Services distributed part of its holding in Nuvama Wealth Management (about 1.05 crore shares, described as a 30% holding) to its shareholders through a demerger after selling control to PAG, with Nuvama listing on NSE and BSE.

TransactionReliance Industries demerged its financial services arm into Jio Financial Services, issuing one JFS share for each Reliance share held (record date 20 July 2023), with the new company listing on NSE and BSE.

TransactionMirza International demerged its REDTAPE brand business into Redtape Ltd, issuing one Redtape share for each Mirza share held (record date 29 March 2023), with the new company listing on BSE first and NSE.

TransactionAllcargo Logistics demerged its container freight station and inland container depot business into Allcargo Terminals, issuing one share for each Allcargo share held, with the new company listing on NSE and BSE.

TransactionAllcargo Logistics demerged its logistics parks and real estate business into TransIndia Real Estate, issuing one share for each Allcargo share held, with the new company listing on NSE and BSE alongside Allcargo Terminals.

TransactionNIIT demerged its corporate learning (managed training services) business into NIIT Learning Systems, issuing one share for each NIIT share held (record date 8 June 2023), with the new company listing on NSE and BSE.

TransactionGHCL demerged its spinning (textiles) division into GHCL Textiles, issuing one GHCL Textiles share for each GHCL share held (record date 8 April 2023), with the new company listing on NSE and BSE.

TransactionAarti Industries demerged its pharmaceuticals business into Aarti Pharmalabs, issuing one Aarti Pharmalabs share for every four Aarti Industries shares (record date 20 October 2022), with the new company listing on NSE and BSE.

TransactionKamdhenu Ltd demerged its paints business into Kamdhenu Ventures, issuing one Kamdhenu Ventures share for each Kamdhenu share held, with the new company listing on NSE and BSE.

TransactionPalamina spun out its Colt silver assets into Colt Silver Corp. by plan of arrangement effective 29 Sep 2026, distributing 0.25 Colt share per Palamina share; Colt began trading on the TSX Venture Exchange on 19 Oct 2026.

TransactionGoGo AI Network spun out its investment in Algo8 Industrial AI into a new company that acquired the rest of Algo8, distributing 0.25 Algo8 AI share per GoGo share by plan of arrangement closed 6 October 2026, with trading on the Canadian Securities Exchange from on or about 13 October 2026.

TransactionAldebaran spun out its Argentine greenfield exploration subsidiary Centauri Minerals by plan of arrangement effective 27 Aug 2026, distributing 0.10 Centauri share per Aldebaran share alongside a C$25.5m financing; Centauri trades on the TSX Venture Exchange.

TransactionFancamp spun out its gold assets into Goldera Exploration by plan of arrangement effective 30 Jul 2026, distributing 1/7 Goldera share per Fancamp share (Fancamp kept about 17.7%) with a C$5.5m financing; Goldera began trading on the TSX Venture Exchange on 5 Aug 2026.

TransactionJ2 Metals spun out its Twenty Mile project in British Columbia into Twenty Mile Metals by plan of arrangement effective 20 April 2026, distributing 0.21921 Twenty Mile share per J2 share, with trading on the TSX Venture Exchange from on or about 24 June 2026.

TransactionRiverside Resources spun out its Ontario gold projects into Blue Jay Gold by plan of arrangement on 22 May 2025, distributing one-fifth of a Blue Jay share per Riverside share, and Blue Jay listed on the TSX Venture Exchange on 4 June 2026 after a prospectus financing.

TransactionGreat Pacific Gold spun out its Walhalla gold project into Walhalla Gold by plan of arrangement completed in December 2025, distributing one Walhalla share per Great Pacific share (152.3 million shares), with trading on the Canadian Securities Exchange from 29 April 2026.

TransactionNGEx spun out LunR Royalties, holder of NSR royalties on the Lunahuasi (1.00%) and Los Helados (1.38%) projects, by plan of arrangement effective 23 Oct 2025, distributing 1/4 LunR share per NGEx share (NGEx kept 19.9%); LunR listed on the TSX Venture Exchange on 19 Dec 2025 and moved to the TSX on 8 Jun 2026.

TransactionMaple Leaf Foods spun off its pork business Canada Packers by plan of arrangement, distributing 0.2 Canada Packers share per Maple Leaf share (about 84% of the shares) and retaining a 16% stake, with trading on the Toronto Stock Exchange from 2 October 2025.

TransactionOn Triple Flag's acquisition of Orogen Royalties, Orogen shareholders received 0.25 share of a new royalty SpinCo (renamed Orogen Royalties Inc., about C$17m cash) per Orogen share alongside cash and Triple Flag shares; the SpinCo re-listed on the TSX Venture Exchange on 11 Jul 2025.

TransactionSokoman Minerals and Benton Resources each distributed about 2 million shares of their jointly held Vinland Lithium (Killick lithium project, Newfoundland) to their shareholders by plan of arrangement, about 40% of Vinland in total, and Vinland listed on the TSX Venture Exchange.

TransactionOn G Mining Ventures' acquisition of Reunion Gold, Reunion's exploration assets in Guyana and Suriname were spun out into Greenheart Gold at 0.05 Greenheart share per Reunion share (former Reunion holders 80.1%, G Mining 19.9%), with trading on the TSX Venture Exchange from 6 September 2024.

TransactionVizsla Silver spun out Vizsla Royalties, holder of a net smelter royalty on its Panuco silver-gold project in Mexico, by plan of arrangement effective 24 June 2024 at 1/3 share and 1/3 warrant per Vizsla share, with trading on the TSX Venture Exchange from 26 August 2024.

TransactionOn Alamos Gold's acquisition of Argonaut Gold, Argonaut's Florida Canyon mine in Nevada and its Mexican assets were spun out into Florida Canyon Gold, with 0.1 Florida Canyon share distributed per Argonaut share (Alamos holding 19.99%), and listed on the TSX Venture Exchange.

TransactionConsolidated Uranium spun out its US uranium assets in Colorado into Premier American Uranium by plan of arrangement, distributing 0.0373761 PUR share per CUR share (about half of the PUR shares it received), with trading on the TSX Venture Exchange from 1 December 2023.

TransactionSpartan Delta spun out its early-stage Montney assets into Logan Energy by plan of arrangement, distributing one Logan share and one Logan warrant (plus C$9.50 cash) per Spartan share, with Logan listed on the TSX Venture Exchange.

TransactionNextech3D.ai spun out its CAD-to-3D design software unit Toggle3D.ai by plan of arrangement, distributing 4 million Toggle3D shares pro rata to its shareholders (record date 8 June 2023) while keeping about half, with trading on the Canadian Securities Exchange from 14 June 2023.

TransactionBlackhawk Growth spun out its psychedelic-medicine subsidiary MindBio Therapeutics by plan of arrangement, distributing one MindBio share per Blackhawk share, with listing on the Canadian Securities Exchange expected on or about 5 May 2023.

TransactionTriangle Energy distributed shares in Tetragon Energy to its shareholders in specie on 5 May 2026, at 1 Tetragon share for every 112.84 TEG shares, and Tetragon took the ASX code TET from 9 July 2026.

TransactionWhite Cliff Minerals distributed shares in ASX-listed Hydrocarbon Dynamics to its shareholders in specie as a return of capital, at 1 HCD share for every 15.6 WCN shares.

TransactionFireFly Metals distributed its holding in ASX-listed explorer Bellavista Resources to its shareholders in specie as a 4.5 cent return of capital, at 1 BVR share for every 12.8131 FFM shares.

TransactionBlackwall made a second distribution of ASX-listed WOTSO securities to its shareholders as a dividend in specie, at 1 WOT security for every 24 BWF shares.

TransactionStrickland Metals returned capital by distributing convertible preference shares in ASX-listed Gateway Mining to its shareholders in specie, at approximately 53 GML shares for every 100 STK shares.

TransactionDelta Lithium spun out its gold assets as Ballard Mining, distributing Ballard shares in specie at 1 BM1 share for every 11.25 DLI shares in conjunction with Ballard's ASX listing.

TransactionBlackwall distributed part of its holding in ASX-listed flexible-workspace group WOTSO to its shareholders as a dividend in specie, at 1 WOT security for every 19.2 BWF shares.

TransactionPremier Investments combined its Apparel Brands business with Myer in exchange for Myer shares and distributed those shares to its shareholders in specie, at 7.2021 Myer shares per Premier share, with normal ASX trading in the distributed shares from 7 February 2025.

TransactionPPK Group distributed part of its holding in ASX-listed battery technology company Li-S Energy to its shareholders in specie, at 1 LIS share for every 3.5 PPK shares.

TransactionWebjet Limited demerged its Webjet B2C online travel business as Webjet Group, distributing 1 WJL share for each Webjet share held, with WJL trading on ASX on a deferred settlement basis from 23 September 2024 and implementation on 30 September 2024.

TransactionKalamazoo Resources distributed 25% of its shares in lithium explorer Kali Metals to its shareholders in specie, at 1 Kali share for every 17.64 KZR shares, alongside Kali's ASX listing.

TransactionAhead of its takeover by Strike Energy, Talon Energy distributed its holding in ASX-listed TMK Energy to shareholders in specie, at 1.511 TMK shares plus 0.755 TMKOB listed options per Talon share.

Transaction8I Holdings distributed shares in ASX-listed 8VI Holdings to its shareholders in specie, at 0.0958 8VI shares per 8IH share.

TransactionAbacus Property Group de-stapled its roughly A$3bn self-storage portfolio into a separately ASX-listed stapled REIT, Abacus Storage King, distributing 1 ASK security for each ABP security held, with Abacus retaining a minority stake of up to 19.9%.

TransactionVenus Metals distributed part of its holding in ASX-listed gold explorer Rox Resources to its shareholders in specie, at 1 RXL share for every 3.45 VMC shares.

TransactionSt Barbara sold its Leonora gold assets to Genesis Minerals for cash and Genesis shares, then returned about A$268m of capital by distributing the Genesis shares in specie at 1 GMD share for every 4 SBM shares (ex-date 6 July 2023).

TransactionSovereign Metals demerged its Malawi graphite projects into NGX Limited by an in-specie distribution of one NGX share for every 11 Sovereign shares (effective 24 March 2023), and NGX listed on the ASX on 14 June 2023 after a A$9.56m IPO.

TransactionLink distributed part of its stake in ASX-listed property-settlement platform PEXA to its shareholders in specie, at 1 PEXA share for every 7.52 Link shares (record date 3 January 2023).

TransactionDongfeng Motor Group distributed its 79.67% stake in premium EV maker Voyah to its shareholders at 0.3552608 Voyah share per Dongfeng share as part of the parent's privatisation by merger, with Voyah's H shares listed by introduction on the HKEX Main Board at a market value of about HK$26bn on day one.

TransactionGuangdong Investment distributed about 73.7% of property developer Guangdong Land Holdings (99.9% of its holding) as a special dividend in specie at 0.193 GD Land share for every GDI share held on the 14 January 2025 record date, completing on 21 January 2025 and deconsolidating its property business.

TransactionEmperor International distributed its entire 71.6% stake in Macau hotel and gaming services operator Emperor Entertainment Hotel as a special interim dividend in specie at 463 Emperor E Hotel shares for every 2,000 Emperor International shares (ex-date 13 August 2024, record date 15 August 2024), with certificates due on 30 August 2024.

TransactionFar East Horizon distributed about 25% of Horizon Construction Development as a special dividend in specie at 10 HCD shares for every 54 FEH shares held on the 14 June 2024 record date, following an earlier 1-for-27 distribution with a 3 January 2024 record date, while keeping control with about 41.7% plus voting control over a further 5.5%.

TransactionKerry Logistics Network distributed its entire indirect 52.1% stake in SET-listed Kerry Express (Thailand) as a special interim dividend in specie at 0.5019 KEX share for every KLN share held on the 22 February 2024 record date, with KEX ceasing to be a subsidiary and the shares credited on 26 March 2024.

TransactionNetDragon merged its overseas education business (eLMTree/Promethean) into NYSE American-listed Gravitas Education, renamed Mynd.ai on 13 December 2023, and distributed part of its resulting stake in specie to its own shareholders as ADSs, with an election for cash, on 15 February 2024; 1 Mynd.ai ADS per 1,000 NetDragon shares, record date 29 Dec 2023.

TransactionJS Global Lifestyle separated its SharkNinja home-appliance business by distributing 1 SharkNinja share for every 25 JS Global shares held on the 4 July 2023 record date, with SharkNinja listed on the New York Stock Exchange.

TransactionTencent paid a special interim dividend in specie of about 958 million Meituan Class B shares (roughly 15.5% of Meituan, worth about US$20bn when announced) at 1 Meituan share for every 10 Tencent shares, with Tencent shares trading ex-entitlement from 5 January 2023 and share certificates despatched on 24 March 2023, leaving Tencent with about 1.7% of Meituan.

TransactionKarrie International spun off its PRC property development arm KRP Development by a distribution in specie of 1 KRP share for every 4 Karrie shares (record date 17 March 2023), with KRP listed by introduction on the Main Board of HKEX.

TransactionHanwha Corp. spun off its tech (Hanwha Vision, Momentum, Semitech, Robotics) and lifestyle (Galleria, Hotels & Resorts, Ourhome) holdings into Hanwha Machinery & Services Holdings at 0.7563533:0.2436467 (1.2182335 new shares per Hanwha share), effective 1 August 2026 and re-listed on KOSPI.

TransactionTobis spun off its automotive display business into Neoview via a 인적분할 at 0.6463178:0.353682 effective 1 July 2026, with Neoview re-listed on KOSDAQ.

TransactionSamsung Biologics spun off its biosimilar holdings (100% of Samsung Bioepis plus new investments) into Samsung Epis Holdings via a 인적분할 at 0.6503913:0.3496087, keeping the CDMO business, with the new holding company re-listed on KOSPI.

TransactionSamyang Holdings spun off its pharmaceutical and bio business into Samyang Biopharm via a 인적분할 at 0.9039233:0.0960767 (effective 1 November 2025), with Samyang Biopharm re-listed on KOSPI.

TransactionHanwha Aerospace spun off its non-defence holdings (Hanwha Vision and Hanwha Precision Machinery) into Hanwha Industrial Solutions at roughly 9:1 (0.997203 new shares per Hanwha Aerospace share, with a 10:1 par-value difference), re-listed on KOSPI and later renamed Hanwha Vision after absorbing that subsidiary.

TransactionHyosung spun off HS Hyosung, a new holding company led by vice chairman Cho Hyun-sang that takes Hyosung Advanced Materials and other affiliates, via a 인적분할 at 0.818:0.182 effective 1 July 2024, with HS Hyosung re-listed on KOSPI.

TransactionSK D&D spun off its renewable energy and energy-storage (ESS) business into SK Eternix via a 인적분할 effective 1 March 2024, with shareholders receiving SK Eternix shares listed on KOSPI.

TransactionDongkuk Steel Mill split three ways into Dongkuk Holdings (16.7%), a new Dongkuk Steel holding the hot-rolled business (52.0%) and Dongkuk CM (31.3%), with shareholders receiving shares of each and the new companies listed on KOSPI.

TransactionDongkuk Steel Mill spun off its cold-rolled and colour-coated steel business into Dongkuk CM (31.3% of the split, alongside Dongkuk Steel at 52.0% and Dongkuk Holdings at 16.7%), with shareholders receiving Dongkuk CM shares listed on KOSPI.

TransactionOCI split into holding company OCI Holdings (surviving, 68.8%) and a new OCI Co. (31.2%) holding the basic chemicals, petrochemical and carbon materials businesses, with the new company re-listed on KOSPI.

TransactionHyundai Green Food split into holding company Hyundai GF Holdings (surviving, 0.653) and a new operating company Hyundai Green Food (0.347) holding the catering and food-distribution business, with the new company re-listed on KOSPI.

TransactionHanwha Solutions spun off its Galleria department-store business into Hanwha Galleria via a 인적분할 (split date 1 March 2023), with shareholders receiving Hanwha Galleria shares listed on KOSPI.

TransactionKolon Global spun off its automotive (import car distribution) business into Kolon Mobility Group via a 인적분할 in which existing shareholders received shares of the new company, which was re-listed on KOSPI.

TransactionViver moved part of its real estate development business into RDVC City through a partial spin-off (cisão parcial), giving shareholders 0.004 RDVC City share per VIVR3 share; RDVC City trades on B3's Novo Mercado as CCTY3.

TransactionREAG Investimentos (formerly GetNinjas) put about R$14m of fund holdings into its subsidiary REAG Trust through a partial spin-off (cisão parcial) and handed REAG Trust's shares to its own shareholders at 0.01 REAG Trust share per REAG3 share; REAG Trust trades on B3's Novo Mercado as ADMF3.

TransactionAzevedo & Travassos moved its oil and gas exploration and production business into Azevedo & Travassos Energia through a partial spin-off (cisão parcial), giving shareholders one AZTE share per AZEV share; AZTE3 has traded on B3 since 14 Feb 2025.

TransactionVamos (a Simpar subsidiary) carved its truck and machinery dealership business out into Automob through a partial spin-off (cisão parcial) and a share dividend, giving shareholders 1.151363666 Automob shares per VAMO3 share; Automob trades on B3 as AMOB3.

TransactionGPA distributed about 83% of Colombian grocer Almacenes Éxito (1.08bn shares) to its shareholders at 4 Éxito shares per GPA share, delivered as BDRs on B3 (EXCO) and ADRs on the NYSE (EXTO, 1 ADR per 2 GPA ADRs), keeping a stake of about 13%; Éxito was already listed on the Bolsa de Valores de Colombia.

TransactionSunway Berhad listed its hospital group Sunway Healthcare Holdings on the Bursa Malaysia Main Market through an IPO at RM1.45 per share (about RM16.7bn valuation) and distributed SHH shares to its own shareholders as a special dividend-in-specie at one SHH share for every ten Sunway shares.

TransactionCapital A sold its aviation business (AirAsia Aviation Group) to AirAsia X and distributed 1.69bn of the new AirAsia X consideration shares to its shareholders via a capital reduction at 0.3890 AAX share per Capital A share, quoted on the Bursa Malaysia Main Market from 19 January 2026.

TransactionKuchai Development sold substantially all its assets and liabilities to Bursa Main Market-listed Sungei Bagan Rubber for new Sungei Bagan shares and distributed the 26.75m consideration shares to its shareholders as a dividend-in-specie at 0.216 Sungei Bagan share per Kuchai share, credited on 2 December 2024.

TransactionMKH distributed 82.49m shares (about 10.3%) of its Indonesian plantation unit MKH Oil Palm (East Kalimantan) to its shareholders as a dividend-in-specie at one share for every seven MKH shares, completed on 15 February 2024 ahead of the unit's IPO and Bursa Malaysia Main Market listing on 30 April 2024.

TransactionMyEG distributed 69.75m shares in ACE Market-listed app developer Agmo Holdings (its 21.5% stake) as a dividend-in-specie at 0.0093 Agmo share per MyEG share, credited on 10 March 2023, followed by a second distribution of 14.28m Agmo shares (0.0019 per MyEG share) credited on 27 September 2023.

TransactionResonac Holdings spun off its petrochemical business Crasus Chemical (FY2025 revenue about 300 billion yen) as a partial spin-off, distributing over 80% of the shares as a dividend in kind (1 Crasus share per Resonac share, record date 30 Sep 2026, effective 1 Oct 2026) and retaining just under 20%, with Crasus direct-listed on the Tokyo Stock Exchange Standard Market on 29 Sep 2026.

TransactionHamee distributed all of its shares in NE, operator of the Next Engine e-commerce back-office SaaS, to its shareholders as a dividend in kind (1 NE share per Hamee share, record date 31 Oct 2025), with NE listing on the Tokyo Stock Exchange Growth Market alongside a 500,000-share primary offering at 750 yen.

TransactionPartial spin-off of Sony's financial services arm: 1 Sony Financial Group share per Sony share, Sony keeps about 16%; listed on the Tokyo Stock Exchange Prime with a US ADR (SFGYY).

TransactionMelco Holdings distributed all of its shares in noodle maker Shimadaya to its shareholders as a dividend in kind (1 Shimadaya share per Melco share, record date 30 Sep 2024) under Japan's tax-qualified share-distribution spin-off regime, with Shimadaya listing on the Tokyo Stock Exchange Standard Market alongside a secondary offering by Melco's major shareholders.

TransactionGrupo Argos ended its cross-holding with Grupo Sura through a spin-off (escisión) that handed its Grupo Sura stake (book value about COP 10.8tn) to its own shareholders at roughly 0.23 Grupo Sura share per Grupo Argos share; both stocks resumed trading on the Bolsa de Valores de Colombia on 28 Jul 2025.

TransactionIn the same reciprocal spin-off (escisión), Grupo Sura handed its Grupo Argos stake (about 285.8m shares, book value about COP 6.5tn) to its own shareholders; both stocks resumed trading on the Bolsa de Valores de Colombia on 28 Jul 2025.

TransactionIn the first phase of the Argos–Sura unwind, Cementos Argos spun off (escisión) its Grupo Sura stake to its own shareholders at 0.022005198744807 Grupo Sura share per Cementos Argos share (record date 8 Jul 2025); Cementos Argos was expected to resume trading on the Bolsa de Valores de Colombia on 14 Jul 2025.

TransactionNutresa moved its stakes in Grupo Sura and Grupo Argos (about COP 3.1tn) into Sociedad Portafolio through a symmetric spin-off (escisión), with ownership mirroring Nutresa's; Sociedad Portafolio was listed on the Bolsa de Valores de Colombia and was liquidated in June 2024, when holders received 0.1355 Grupo Sura and 0.1798 Grupo Argos shares per share.

TransactionAlfa put its entire stake in petrochemical maker Alpek into a new holding company, Controladora Alpek, through a partial spin-off (escisión) and gave shareholders one Controladora Alpek share per Alfa share, leaving Alfa as the Sigma food business; the holding company trades on the BMV as CTALPEK.

TransactionTelevisa spun off its sports, gaming and publishing assets (Club América, Estadio Azteca, games and sweepstakes, magazines) into Ollamani at 1 Ollamani CPO per 20 Televisa CPOs, listed on the Bolsa Mexicana de Valores as AGUILAS.CPO.

TransactionAlfa put its roughly 54% stake in Axtel into a new holding company, Controladora Axtel, through a partial spin-off (escisión) and gave shareholders one Controladora Axtel share per Alfa share; the holding company trades on the BMV as CTAXTEL.

TransactionDelek Group distributed 100% of Delek Ventures, whose sole asset is the Delek royalty company holding an overriding royalty on New Med Energy's share of the Leviathan gas field (1.5% rising to 6.5% after payout), as an in-kind dividend of 1 share per Delek Group share, listed on the Tel Aviv Stock Exchange.

TransactionLudan Engineering split off its technology, control-systems and defence business (including Shimkotech) into Ludan Tech, with every Ludan shareholder receiving Ludan Tech shares pro rata (equity split 63.29% Ludan Engineering / 36.71% Ludan Tech), listed on the Tel Aviv Stock Exchange.

TransactionPaz Oil spun off its loss-making Ashdod oil refinery, distributing about 80.1% of the refinery's shares to Paz shareholders as an in-kind dividend (Paz kept 4.99% and the Shapir group bought 15% with an option on more), with the refinery listed on the Tel Aviv Stock Exchange.

TransactionYangzijiang Financial Holding spun off its maritime investments segment (vessel investment, ship financing, shipbroking) by distributing 100% of Yangzijiang Maritime Development in specie at one share for every share held, listed by way of introduction on the SGX Mainboard.

TransactionKeppel combined Keppel Offshore & Marine with Sembcorp Marine and distributed the 33.4bn consideration shares (about 49% of the enlarged Sembcorp Marine, later renamed Seatrium) in specie to its shareholders at about 19.085 shares per Keppel share, tradable on the SGX Mainboard from 1 March 2023.

TransactionEthos Capital distributed its indirect holding of 129.1m shares in the already listed investment holding company Brait to shareholders at 0.50857 Brait shares per Ethos Capital A share.

TransactionRCL Foods unbundled its poultry business Rainbow Chicken to shareholders at 1 Rainbow share per RCL Foods share, with Rainbow listing on the JSE Main Board.

TransactionTransaction Capital unbundled its stake in used-car buyer and dealer WeBuyCars at 0.32678 WBC shares per Transaction Capital share, with WeBuyCars listing on the JSE Main Board.

TransactionArabia Investments Holding completed a horizontal split, keeping its non-bank financial services arms and transferring its industrial, electromechanical, building-materials, auto and energy businesses to Arabia for Investment and Development, whose shares were issued 1-for-1 to existing shareholders and listed on the Egyptian Exchange.

TransactionNational Industries Group distributed part of its stake in the already-listed National Industries Company (building materials) to its shareholders as an in-kind dividend of 4 shares per 100 NIG shares, approved on 13 May 2026 and effective on Boursa Kuwait on 21 May 2026.

TransactionAgility distributed 49% of its global logistics and infrastructure arm Agility Global as an in-kind dividend at 2 Agility Global shares per Agility share, retaining 51%, with Agility Global listing on the Abu Dhabi Securities Exchange.

TransactionEngro Holdings demerged all its assets and liabilities other than its stake in Engro Corporation into DH Partners under a court-sanctioned scheme, issuing 1 DH Partners share per Engro Holdings share, listed on the Pakistan Stock Exchange.

TransactionPhilippine National Bank distributed 51% of its property unit PNB Holdings Corp. (PNB Financial Center, PNB Makati Center and a Makati lot) to its shareholders as a property dividend at 0.156886919 PHC share per PNB share (shares delivered from 25 October 2024), and PHC listed by way of introduction on the Philippine Stock Exchange at P1.20 per share.

TransactionAyala Corporation distributed 1.86bn shares it held in its listed renewables arm ACEN Corp. as a property dividend (valued at about P4.5bn) at one ACEN share for every three Ayala shares, with ACEN already trading on the Philippine Stock Exchange.

TransactionAs a first step toward the nuam regional exchange holding, the Santiago Stock Exchange split off its investment and services assets into Sociedad de Infraestructuras de Mercado through a division (división) effective 1 Mar 2023; SIM's 48 million shares, held pro rata by the exchange's shareholders, could trade on the Bolsa de Santiago from 15 Mar 2023, and SIM was later merged into Holding Bursátil Chilena.

TransactionVolcan moved its 40% stake in Cosco Shipping Ports Chancay Perú into Inversiones Portuarias Chancay (IPCH) through a spin-off (escisión) with a capital reduction of about S/448m, giving shareholders one IPCH share of the same class per Volcan share; IPCH Class A and B shares trade on the Bolsa de Valores de Lima.

TransactionSavola distributed its entire 34.52% stake (345.2m shares, c.SAR 21.1bn) in the already Tadawul-listed dairy group Almarai to its shareholders via a capital reduction, about 0.3044 Almarai shares per pre-reduction Savola share.

TransactionPolisan Holding carried out a partial demerger by share transfer to shareholders, moving its 40% stake in Rohm and Haas Kimyasal and 50% stake in Polisan Kansai Boya into the new Marmara Holding, whose shares (3.9766 per Polisan share) were distributed to Polisan shareholders and listed on the Borsa Istanbul Main Market.