Coal Asia Holdings Corp., a publicly listed mining firm, announced that majority shareholders have agreed to sell a controlling 71.68% stake to a consortium composed of Pure Energy Holdings Corp., Pure Water Corp., and Quadwater Corp. in a deal valued at P220.9 million.
The buyers acquired a total of 28.67 billion shares, priced at P0.0077 apiece—a significant discount from Coal Asia’s 52-week trading range of P0.012 to P0.172.
As a result of the controlling interest acquired, the consortium is expected to conduct a mandatory tender offer for the remaining shares held by the public, in compliance with securities regulations.
Under the terms of the share sale, Pure Energy acquired 4.99 billion shares (12.48 percent), while both Pure Water and Quadwater each took 11.84 billion shares (29.60 percent).
The selling shareholders—Dexter Y. Tiu, Eric Peter Y. Roxas, Gertim G. Chuahiong, Alexander Y. Tiu, and John L. Capinpin—are expected to complete the transaction before the end of 2025.
Notably, the involved entities share overlapping leadership. Tiu, Roxas, and Chuahiong sit on the boards of Coal Asia, Pure Energy, and Pure Water. Additionally, the three acquiring firms all have equity interests in Tubig Pilipinas Group, Inc., indicating potential strategic alignment.
While Coal Asia did not elaborate on post-acquisition plans, the shift in ownership signals possible diversification or transformation, given the buyers’ heavy presence in water and infrastructure sectors.
Market watchers will be eyeing developments closely—especially the forthcoming tender offer and potential reconfiguration of Coal Asia’s business direction.
