NEWS

Tubig Pilipinas Holdings Inc. is seeking to raise as much as ₱1.82 billion through a follow-on offering of common shares to fund water infrastructure projects in the country, advancing a corporate transformation from coal mining into utility distribution.

According to its preliminary prospectus posted on Tubig Pilipinas’ website, the holding firm plans to sell up to 15.7 billion primary common shares priced between P0.1000 and P0.1010 apiece.

The equity sale includes an overallotment option of as many as 2.355 billion primary shares.

Assuming full exercise of the overallotment option, Tubig Pilipinas said that the net proceeds are projected at ₱1.74 billion after deducting underwriting fees and issuance expenses.

China Bank Capital Corp. is serving as the sole issue manager, lead underwriter, and sole bookrunner for the transaction.

The company plans to deploy the proceeds primarily toward regional water assets. About 50.8 percent of the net funds will go to business development, project expansion, and potential acquisitions of operating water facilities.

The remainder will fund equity contributions for bulk water infrastructure in Cebu and the Freeport Area of Bataan, alongside system upgrades and wastewater treatment projects in Mandaue City, Coron, and San Jose City.

Formerly known as Coal Asia Holdings Inc., the company executed a share swap in March 2026, acquiring 100 percent of Tubig Pilipinas Group Inc. from Pure Water Corp., Quadwater Corp., and CEF2 A09 B.V. in exchange for 66.46 billion primary common shares. The company subsequently divested its sole coal mining subsidiary, Titan Mining Energy Corp., in July 2026.

Trading in the company’s shares on the Philippine Stock Exchange was halted after its public float fell to 10.64 percent following the backdoor listing transaction, breaching the exchange’s 20 percent minimum public ownership requirement.

Tubig Pilipinas expects the follow-on offering to increase its public float to between 22.12 percent and 23.60 percent, clearing the way for trading to resume.

Tubig Pilipinas operates 11 water supply and distribution assets nationwide and recorded ₱169.52 million in revenue for the first six months of 2026.

The distributor aims to expand total water production capacity to 263 million liters daily by 2030, targeting more than 131,000 billed connections.