A group led by Pure Energy Holdings Corp. (PEHC) has acquired controlling stake in listed firm Coal Asia Holdings Inc. (COAL), paving the way for a possible backdoor listing of its water business.
In a disclosure to the Philippine Stock Exchange (PSE), Coal Asia said majority shareholders—Dexter Tiu, Eric Peter Roxas, Gertim Chuahiong, Alexander Tiu and John Capinpin—entered into a share purchase agreement with PEHC and its affiliates, Pure Water Corp. (Pure) and Quad Water Holdings Corp. (Quad).
The agreement covers the sale of 28.67 billion common shares, representing 71.68 percent of Coal Asia’s total issued and outstanding capital stock. The total transaction is valued at P220.91 million.
Under the deal, PEHC will acquire 4.99 billion shares (12.48 percent), Pure will acquire 11.84 billion shares (29.60 percent) and Quad will acquire 11.84 billion shares (29.60 percent).
Pure is a subsidiary of PEHC, while Quad is unaffiliated with either PEHC or Pure.
Coal Asia, PEHC and Pure share interlocking directors: Dexter Tiu, Eric Peter Roxas and Gertim Chuahiong.
PEHC is a holding company, and its water subsidiary, Pure, along with Quad, holds equity in Tubig Pilipinas Group Inc., a company involved in various water distribution projects across the country.
The transaction is expected to be finalized before year-end 2025, pending the completion of certain conditions, including compliance with any mandatory tender offer requirements by the buyers to Coal Asia’s remaining shareholders.
Market insiders said the acquisition has raised speculation that PEHC may use Coal Asia as a vehicle to list its water-related assets.
Coal Asia was incorporated on June 11, 2012, primarily to be the holding company of Titan Mining and Energy Corp. (TMEC), which is engaged in the operations of coal mining and energy-related business.
