The company filed a registration statement with the Securities and Exchange Commission (SEC) on October 28 covering up to 15.7 billion new shares priced between P0.10 and P0.101 each.
An overallotment option of 2.355 billion shares could expand the offering to 18.055 billion shares, potentially raising gross proceeds of P1.82 billion.
Building a water empire
The proposed share sale follows a P6.65-billion share swap that will bring Tubig Pilipinas Group into the listed company formerly known as Coal Asia Holdings through a backdoor listing.
Tubig Pilipinas Group currently operates 12 water infrastructure projects nationwide, with five under construction and another 13 in development.
The business is backed by Tiu’s Pure Energy Holdings and Quad Water, led by Tubig Pilipinas chairman and president Ryan Wesley Yapkianwee.
Another step toward expansion
The company also has a 25-year joint venture to improve water supply and sewerage services at the Freeport Area of Bataan, while a foreign investor associated with Climate Fund Managers is supporting the expansion of five provincial water systems.
The proposed offering remains subject to regulatory approval, with the company yet to disclose a final timetable or detailed use of proceeds.
—Edited by Miguel R. Camus
