PURE WATER CORP. and Quadwater Corp. are buying the remaining shares of listed Coal Asia Holdings, Inc. for nearly P100 million.
In a regulatory filing on Tuesday, Coal Asia said Pure Water and Quadwater are set to acquire 11.33 billion common shares in the company, representing 28.32% of its outstanding capital stock.
The shares are priced at P0.0088 apiece, 14.2% higher than the previous acquisition price of P0.0077 per share.
Coal Asia disclosed last month that it had signed a deal with Pure Energy Holdings Corp. (PEHC) — a holding firm with interests in water and renewable energy — along with Pure Water and Quadwater, for the acquisition of a 71.68% stake in the company.
The deal involves the sale and purchase of 28.67 billion common shares.
PEHC is seeking to acquire 4.99 billion shares, representing 12.48% of the company’s issued and outstanding capital stock.
Pure Water and Quadwater each bought 11.84 billion shares, equivalent to a combined 59.2% stake.
PEHC President Eric Peter Y. Roxas earlier said the transaction “provides the buyers with the opportunity to acquire a significant interest in the company.”
“It also facilitates the reallocation of shareholdings among the parties in a manner that supports their respective investment objectives,” he added.
Pure Water is a subsidiary of PEHC, while Quadwater is not affiliated with either PEHC or Pure Water.
In a separate stock exchange disclosure, NexGen Energy Corp., a subsidiary of Pure Energy, said the Department of Energy (DoE) had issued a certificate of authority (CoA) to its subsidiary, 5hour Peak Energy Corp.
The CoA gives 5hour the go-ahead to pursue pre-development activities for its proposed 100-megawatt-peak Caliraya Lake Floating Solar Photovoltaic Power Plant in Lumban, Laguna.
The certificate will serve as the DoE’s exclusive endorsement for the company to conduct reconnaissance and other pre-feasibility study activities, as well as to secure the necessary permits, certifications, and tenurial instruments.
Established in 2013, Pure Energy is an investment holding company primarily engaged in renewable energy generation and water system management and distribution. — Sheldeen Joy Talavera
