Pure Water, Quad to acquire 28% of Coal Asia for P100M

Pure Water Corp., backed by businessman Dexter Tiu, and Quad Water Corp. are a step closer in their takeover bid of Coal Asia Holdings as they offered to buy the remaining public shares for about P100 million.

The tender offer includes the purchase of 11.33-billion shares of listed Coal Asia, translating to 28.32 percent of the latter’s outstanding stock.

The shares are priced at P0.0088 apiece, reflecting a 14.2 percent premium to the price agreed in an earlier deal.

This forms part of an earlier transaction, through which Pure Energy Holdings Corp. (PEHC), Pure Water Corp. (Pure) and Quadwater intend to buy 28.67 billion common shares of Coal Asia.

Once completed, PEHC hopes to get a 12.48-percent stake in Coal Asia with the acquisition of 4.99-billion shares. Both Pure and Quadwater, meanwhile, will secure 29.6 percent each through 23.68-billion shares.

They expect to close the deal before the year ends.

See Also

All set for Maynilad’s P45.8-B stock debut

“The transaction provides the buyers with the opportunity to acquire a significant interest in the company,” PEHC president Eric Peter Roxas, who was one of the selling shareholders, said in a previous message.

PEHC also leads NexGen Energy Corp., a listed renewable producer, focused on the solar and wind business.

In a separate disclosure, NexGen said it plans to expand its portfolio with a new 100-megawatt floating solar power plant in Laguna.