Pure Energy to acquire 71.68% stake in Coal Asia for P220.91 million

Pure Energy Holdings Corp. (PEHC), along with its subsidiary Pure Water Corp. and unaffiliated firm Quadwater Corp., is set to acquire a 71.68% stake in Coal Asia Holdings, Inc. for P220.91 million.

The agreement involves the purchase of 28.67 billion common shares of Coal Asia from its major shareholders, including Dexter Y. Tiu, Eric Peter Y. Roxas, Gertim G. Chuahiong, Alexander Y. Tiu, and John L. Capinpin.

PEHC will acquire 4.99 billion shares, or 12.48% of the company, while Pure and Quadwater will jointly purchase 11.84 billion shares each, constituting a combined 59.2% stake.

PEHC President Eric Peter Y. Roxas stated that the transaction offers buyers a significant interest in Coal Asia and allows for the reallocation of shareholdings to align with investment goals.

The selling shareholders anticipate the completion of the deal before the end of 2025, subject to the fulfillment of any mandatory tender offer requirement by the buyers.

This acquisition may position the Pure Energy Group for a potential backdoor listing.