After securing majority control of listed coal exploration company Coal Asia Holdings Inc., the group led by Pure Energy Holdings Corp. has launched a tender offer to acquire additional shares from the minority investors.
In a disclosure to the Philippine Stock Exchange (PSE), Coal Asia said Pure Water Corp. and Quadwater Corp. are offering to buy up to 11,328,600,040 common shares, equivalent to about 28.3 percent of the company’s total outstanding stock.
The offer price is P0.0088 per share, which is about 14.2 percent higher than the P0.0077 per share acquisition price in the earlier share purchase deal.
Last Sept. 26, selling shareholders Dexter Tiu, Eric Roxas, Gertim Chuahiong, Alexander Tiu and John Capinpin collectively owned 28,671,400,000 common shares, representing 71.68 percent of Coal Asia’s outstanding capital.
They entered into a share purchase agreement with Pure Energy Holdings Corp., Pure Water Corp. and Quadwater Corp. for the sale and purchase of those shares.
Under the rules of the Securities and Exchange Commission, investors who buy enough shares to take control of a listed company must make an offer to buy out the remaining shareholders.
The rule ensures that minority investors are given the same opportunity to sell their shares at a fair price once control of the company changes hands.
In simpler terms, this requirement called a tender offer protects small investors by making sure they can sell their shares under the same conditions offered to the company’s previous controlling owners.
Trading in Coal Asia shares was temporarily halted yesterday as the PSE gave market participants time to digest the company’s disclosure.
Coal Asia has an authorized capital stock of P5 billion, divided into 50 billion shares with a par value of P0.10 per share.
As of June 30, 2025, the company’s issued and outstanding capital stock stood at 40,000,000,040 common shares.
Based on its latest public ownership report dated Oct. 2, 2025, a total of 14.4 billion common shares are held by the investing public, accounting for 35.99 percent of the company’s total outstanding shares.
Coal Asia is a holding company with interests in energy and mineral exploration.
Through its subsidiary, Titan Mining and Energy Corp., it holds coal operating contracts in Davao Oriental and Zamboanga Sibugay, where it explores and develops coal resources for future power generation and industrial use.