Pure Energy-led group launches tender offer for Coal Asia shares

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.

- ALDEN MONZON

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, Germ Chuahiong, Alexander Tiu and John Capinpin collectively disposed of 28,671,400,000 common shares, representing 71.68 percent of Coal Asia’s outstanding capital.