Coal Asia Holdings Inc. is abandoning its coal roots and reinventing itself as a water utilities holding firm in a sweeping corporate reset that has triggered backdoor listing scrutiny from the Philippine Stock Exchange (PSE).
In a disclosure, the company said its board unanimously approved on December 22, 2025 a package of transactions that will transform the miner into Tubig Pilipinas Holdings Inc. The plan includes a change in corporate name and purpose, a major capital hike, the acquisition of Tubig Pilipinas Group Inc. (TPGI) via a share swap, and the divestment of its sole subsidiary, Titan Mining Energy Corp. (TMEC).
At the center of the pivot is Coal Asia’s move into water distribution, supply, sewage, and bulk water services, marking a decisive exit from coal mining. The company also broadened its secondary purposes to cover waterworks operations and renewable and conventional energy projects, signaling a longer-term push into essential infrastructure.
Coal Asia will raise its authorized capital stock to P13 billion from P5 billion to fund the shift in its business focus. Part of the increase will be used to issue new shares at par value to Pure Water Corp., Quadwater Corp., and CEF2 A09 B.V. in exchange for up to 100 percent of TPGI. The water firm is valued at about P6.65 billion, based on a preliminary valuation by Isla Lipana & Co.
The transactions have been flagged by the PSE as falling under its revised backdoor listing rules, prompting the company to submit a comprehensive corporate disclosure to the market.
Shareholders will vote on the overhaul at a special meeting on February 11, 2026. Subject to regulatory approvals, Coal Asia said the deal will complete its pivot from coal to water—positioning the company to tap growing demand for water infrastructure and basic services across the country.
