The Philippine Stock Exchange (PSE) cleared the former Coal Asia Holdings to resume trading at 9:00 a.m., allowing investors to buy and sell its shares for the first time since Dec. 23, 2025, when the stock last closed at P0.028.
The asset restructuring will transform the former coal company into a water infrastructure business through the acquisition of 100 percent of privately held Tubig Pilipinas Group Inc., which will be paid for with newly issued shares rather than cash.
What is the business worth?
Independent valuation firm Isla Lipana & Co. assessed the water business at P5.71 billion to P6.65 billion based on projected future cash flows, placing the P6.646-billion transaction value near the top of that range, a previous disclosure showed.
The valuation firm found the price financially fair, although investors returning to the market will ultimately determine how much they are willing to pay for shares in the transformed company.
Operating assets and future growth
The valuation covers 10 operating water projects across Luzon, the Visayas and Mindanao, including facilities in Cavite, Palawan, Nueva Ecija, Negros Occidental and Samar, alongside five projects that had yet to begin operations as of Sept. 30, 2025.
The company also has a wider pipeline of water infrastructure developments, but projects without signed contracts or concessions were excluded from the valuation.
More shares, another offering ahead
The takeover will involve issuing 66.46 billion new shares, expanding the company's outstanding stock from 40 billion to 106.46 billion and cutting public ownership from 28.32 percent to 10.65 percent.
Tubig Pilipinas must conduct at least one follow-on share offering within a year of completing the takeover to restore public ownership to the required 20 percent.
—Edited by Miguel R. Camus
