Shares of TUBIG jumped to P0.042 from P0.028, lifting the company's market capitalization to about P1.7 billion before the noontime break on its first trading day after nearly 10 months of suspension.
The return marks a new chapter for the company, formerly known as Coal Asia Holdings Inc., which has spent the past months pursuing a backdoor listing to shift its business from coal mining to water distribution backed by tycoon Dexter Tiu.
From coal to water
The Securities and Exchange Commission recently cleared a major hurdle in that transformation, ruling that the planned acquisition would not require another tender offer to existing shareholders.
The restructuring involves a P6.65-billion share swap that will bring Tubig Pilipinas Group's water utility business into the listed company, with 12 operating projects nationwide, five under construction and 13 more in development.
—Edited by Miguel R. Camus
