Renet Japan Group (3556) said its board resolved on Oct. 19, 2026 to allot 487,400, 403,800 and 2,100,000 new shares to JX Kinzoku Circular Solutions, SG Holdings and U.S.-based PCS Wireless LLC, respectively, under capital and business alliances, giving PCS 10.36% of voting rights.
After the placements, JX Kinzoku Circular Solutions, a JX Kinzoku group company, and SG Holdings will hold 2.40% and 1.99% of voting rights, respectively. Those two tie-ups center on subsidiary Renet Japan Recycle's used small-appliance recycling business, with the JX unit handling recycling and smelting and SG Holdings, the holding company for parcel carrier Sagawa Kyubin, handling reverse logistics. PCS, a U.S. wholesaler of wireless devices, will supply used smartphones, tablets and PCs to subsidiary Net Off for sale in Japan.
The company will also issue warrants to two PCS subsidiaries, with exercise prices set at premiums to the new shares' issue price:
| Item | 26th series | 27th series |
|---|---|---|
| Allottee | PCS Wireless RH1 LLC | PCS Wireless RH2 LLC |
| Units (shares) | 10,440 (1,044,000) | 15,400 (1,540,000) |
| Premium | 50% | 100% |
| Exercise ends | 12 months after payment date | 18 months after payment date |
PCS Wireless RH1 also plans to buy 496,000 existing shares off-market from EVO FUND, which holds them as a hedge, as part of an early termination of the company's share-price forward agreement with EVO FUND. The transfer will not increase shares outstanding. The company expects a change in its major shareholders.
Under a shareholders' agreement, SG Holdings may require President Takeshi Kuroda and his asset-management company TK Corporation to buy all of its shares if the company or Renet Japan Recycle fails to obtain certification of an advanced recycling business plan within two years of the payment date.
Next steps: the company plans to acquire and cancel all of its 25th-series warrants on Nov. 5, 2026. Payment for the 26th- and 27th-series warrants is due Dec. 4, 2026, and both become exercisable from Feb. 1, 2027.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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