Pure Energy acquires Coal Asia stake

Pure Energy Group, led by businessman Dexter Y. Tiu, has struck a deal to acquire majority control of Coal Asia Holdings Inc. for P220.91 million, which may position the group for a potential backdoor listing.

In a disclosure to the Philippine Stock Exchange, Coal Asia said its major shareholders — Tiu, Eric Peter Y. Roxas, Gertim G. Chuahiong, Alexander Y. Tiu and John L. Capinpin — “entered into a Share Purchase Agreement with the Pure Energy Group” for the sale of their shares.

Under the agreement, Pure Energy Holdings Corp. (PEHC), Pure Water Corp. (Pure) and Quadwater Corp. (Quad) will purchase a combined 28.67 billion shares, equivalent to 71.68 percent of Coal Asia’s outstanding capital stock.

PEHC acquired 4.99 billion shares or 12.48 percent, while Pure and Quad each took 11.84 billion shares, representing 29.6 percent apiece.

Transaction to be finalized before end-2025

“The Selling Shareholders currently expect to finalize this transaction before the end of 2025, subject to the satisfaction of various pre-completion conditions, including, but not limited to, the fulfillment of any mandatory tender offer requirement by the Buyers to the shareholders of Coal Asia,” the company said.

Pure is a subsidiary of PEHC, while Quad has no affiliation with either firm.

PEHC, Pure and Coal Asia, however, share common directors — Tiu, Roxas and Chuahiong. Each holds 16 percent of Coal Asia, with Tiu also controlling PEHC through a 76 percent stake under DYT Equities Corp.

Holding firm

Pure Energy Holdings is primarily a holding firm. Its subsidiary Pure Water, together with Quad, owns equity in Tubig Pilipinas Group Inc.

Coal Asia, for its part, is the parent company of Titan Mining and Energy Corp., which holds coal operating contracts in Davao Oriental and Zamboanga Sibugay.