Pure Energy, two firms to acquire 71.68% stake in Coal Asia for P220.9M

PURE ENERGY Holdings Corp. (PEHC), a holding firm with interests in water and renewable energy, and two other companies — water utility subsidiary Pure Water Corp. (Pure) and unaffiliated firm Quadwater Corp. (Quad) — have signed a deal to acquire a 71.68% stake in listed Coal Asia Holdings, Inc. for P220.9 million.

In a regulatory filing on Monday, Coal Asia said its stockholders executed a share purchase agreement with PEHC, Pure, and Quad for the sale and purchase of 28.67 billion common shares of the company.

Under the deal, PEHC purchased 4.99 billion shares, representing 12.48% of the company’s issued and outstanding capital stock.

Pure and Quad bought 11.84 billion shares each, equivalent to a combined 59.2% stake.

“The transaction provides the buyers with the opportunity to acquire a significant interest in the company,” PEHC President Eric Peter Y. Roxas said in a Viber message.

“It also facilitates the reallocation of shareholdings among the parties in a manner that supports their respective investment objectives.”

The selling shareholders — Dexter Y. Tiu, Eric Peter Y. Roxas, Gertim G. Chuahiong, Alexander Y. Tiu, and John L. Capinpin — expect to finalize the transaction before the end of the year.

PEHC was founded by Mr. Tiu, who also established Coal Asia and Titan Mining & Energy Corp. Mr. Roxas is a director in both companies.

PEHC, Pure, and Quad Water have interests in Tubig Pilipinas Group, Inc., a water utilities and distribution company. — Sheldeen Joy Talavera