This notice is for DragonFi clients who hold shares in Coal Asia Holdings Incorporated (COAL).
What's Changing?
Coal Asia Holdings Incorporated has officially changed its corporate name. Effective July 24, 2026, the company will trade on the Philippine Stock Exchange under a new name and ticker symbol.
| Before | After | |
|---|---|---|
| Company Name | Coal Asia Holdings Incorporated | Tubig Pilipinas Holdings Inc. |
| Stock Symbol | COAL | TUBIG |
No action is required on your part. If you hold shares previously listed as COAL, they will automatically appear in your DragonFi portfolio under the new ticker symbol TUBIG from the effective date onwards.
Background: What Led to This Change?
This name change is the culmination of a major corporate overhaul that began in late 2025 — a full pivot from coal mining to water utilities, executed through a backdoor listing.
Step 1 — Pure Energy Takes Control (September 2025)
Pure Energy Holdings Corp. (PEHC), along with its subsidiaries Pure Water Corp. and Quadwater Corp., signed a deal to purchase a controlling 71.68% stake in Coal Asia. The total acquisition was valued at ₱220.91 million. PEHC is controlled by businessman Dexter Y. Tiu, who founded Pure Energy Holding Corp. and Pure Water Corp.
Step 2 — The Backdoor Listing (December 2025)
On December 22, 2025, Coal Asia's board approved a plan to transform the company into a water utilities holding company through a ₱6.646 billion share swap that would see it acquire up to 100% of Tubig Pilipinas Group, Inc. (TPGI). The Philippine Stock Exchange tagged the move as a backdoor listing because it effectively replaces Coal Asia's business, assets, and ownership base.
A backdoor listing is when a private company gains access to the public market not through a traditional IPO, but by merging with or being injected into an already-listed shell company — in this case, Coal Asia.
Instead of paying cash, Coal Asia issued new shares to Pure Water Corp., Quadwater Corp., and subject to approvals, CEF2 AO9 B.V., in exchange for their ownership in Tubig Pilipinas Group Inc. The share swap values Tubig Pilipinas Group at up to ₱6.64 billion, based on a reference price of ₱10.51 per share, subject to final valuation.
To facilitate the transaction, Coal Asia raised its authorized capital stock by 160% to ₱13 billion from ₱5 billion.
Step 3 — Exiting Coal, Entering Water
As part of the transition, the board approved a shift in its primary business focus to include water distribution, bulk water supply, septage, sewage, and related activities. The company will exit the coal mining sector by selling its unit, Titan Mining Energy Corp., which holds a coal operating contract awarded by the Department of Energy, although it has yet to begin operations due to permitting issues.
Who Is Tubig Pilipinas Group?
Tubig Pilipinas operates various water distribution projects across the Philippines. Its subsidiaries operate water utilities in cities and municipalities nationwide. The company is led by Yapkianwee, a structural engineer by profession who also serves on the boards of Blue Energy, F&J Prince Holdings, and W Property Management. The incoming board brings in executives from Manila Water and SM Investments, signaling a push toward institutionalizing the company's water operations.
What This Means for You as a Shareholder
- Your shares remain valid. The corporate name and ticker change does not affect your ownership or the number of shares you hold.
- From July 24, 2026, your position will appear as TUBIG in your DragonFi portfolio instead of COAL.
- The fundamentals of the company have materially changed — it is no longer a coal mining holding company but a water utilities holding company. You may wish to review your investment thesis accordingly.