Coal Asia Holdings Inc. reported that no minority shareholder tendered shares during its recent tender offer period, clearing the way for its planned transformation into a water utilities company without additional buyouts.
The company disclosed that zero shares were tendered, meaning no public investor opted to exit ahead of the P6.646 billion share swap that will bring Tubig Pilipinas Group Inc. into the listed firm. The absence of availments keeps the restructuring timetable intact and signals that minority shareholders are staying invested as the company exits coal.
Coal Asia said it will coordinate with the Securities and Exchange Commission to obtain confirmation that no further tender offer is required to implement the approved corporate resolutions. The company will disclose the SEC’s confirmation once received.
The share swap agreement was signed on March 2, 2026 by Pure Water Corp., Quadwater Corp. and CEF2 A09 B.V. Upon completion, Pure Water and Quadwater will each own 37.65 percent of the company. CEF2 A09 B.V. will hold 9.36 percent, while Pure Energy Holdings Corp. will retain 4.69 percent.
The ownership shift follows last year’s deal that reduced Coal Asia’s public float to 10.64 percent from 28.31 percent, well below the Philippine Stock Exchange minimum requirement.
To address this, the company confirmed it will pursue fundraising initiatives, including at least one follow-on offering within one year from completion of the share swap. The planned capital raising is expected to restore compliance with public float rules while providing funds to expand into water distribution, sewage and sanitation services.
Tubig Pilipinas Group Inc., incorporated in 2014, operates 12 water facilities nationwide and has five projects under construction, with more developments in the pipeline focused on underserved communities outside Metro Manila.
With no shares tendered, minority investors have chosen to remain part of the transition. The company’s next steps hinge on regulatory confirmation and fresh capital as it advances its shift from coal mining to water infrastructure.
