Pure Water Corp., backed by businessman Dexter Tiu, and Quadwater Corp., have moved to take control of the remaining public shares of Coal Asia Holdings for nearly 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 the prior deal.
This forms part of an earlier transaction, where Pure Energy Holdings Corp. (PEHC), Pure Water Corp. (Pure), and Quadwater intended to buy 28.67 billion common shares of Coal Asia.
Once completed, PEHC hopes to get 12.48 percent with the acquisition of 4.99 billion shares. Both Pure and Quadwater, meanwhile, will secure 29.60 percent each through 23.68 billion shares in Coal Asia.
They expect to close the deal before the year ends.