Kyushu Electric Power is preparing to put a new parent above itself on October 1, with existing common shareholders due to receive one share in KYUDEN Holdings Inc. for every Kyushu Electric share they own immediately before the transfer takes effect. The planned parent is not yet incorporated, but the filing says it is scheduled to be established that day and to seek listings on the Tokyo Stock Exchange Prime Market and the Fukuoka Stock Exchange.
The mechanics are straightforward, with a few accountant-approved footnotes. The amended registration statement shows 474,183,951 common shares to be issued, based on Kyushu Electric's shares outstanding at March 31, 2026. But the filing says that number can move if Kyushu Electric's issued share count changes before the transfer takes effect, and it also says the company plans to cancel treasury shares that can be retired immediately before the effective time. That means the actual number of new common shares delivered can end up lower than the headline figure. Holders of Kyushu Electric Class B preferred shares would be allotted one Class B preferred share of the new parent for each share held.
| Feature | Disclosed term |
|---|---|
| Planned establishment and listing date | October 1, 2026 |
| Common-share exchange ratio | 1 KYUDEN Holdings common share for each Kyushu Electric common share |
| Stated common shares to issue | 474,183,951 shares |
| Preferred-share treatment | 1 KYUDEN Holdings Class B preferred share for each Kyushu Electric Class B preferred share |
| Planned listing venues | TSE Prime Market and Fukuoka Stock Exchange, via technical listing |
| Registered amount | ¥503.7bn, provisional at filing |
| Capital to be recorded | ¥237.3bn |
For investors, the key point is that this is a re-papering of ownership rather than a conventional share sale. The filing says the shares will be issued through a share transfer, and the sections for offering by bidding, offering not by bidding and bookbuilding are all marked not applicable. The successor is aiming to list through a technical listing from October 1, a route the document describes as allowing a prompt listing of the successor company once the exchanges confirm liquidity requirements.
The capital figures are worth reading carefully. The registered amount is shown as ¥503.7bn, but the filing says that figure was not fixed at the submission date and was instead based on Kyushu Electric's shareholder capital, at book value as of March 31, 2026, less the issue price of Class B preferred shares. Of the total issue amount, ¥237.3bn is slated to be booked as capital.
The reorganisation is already through its key corporate approvals. The filing says the share transfer follows Kyushu Electric board resolutions on March 26 and May 18, and a shareholder special resolution on June 25 approving the share-transfer plan. For current shareholders, the practical message is simple: the listing is meant to continue under a new parent, but the final share count and registered amount still come with filing-stage caveats.