The Securities and Exchange Commission (SEC) has approved a plan by Pure Energy Holdings Corp. to raise as much as P1.6 billion from an initial public offering.
Pure Energy plans to sell 930 million primary shares at a maximum price of P1.62 per share. Some 46.5 million in secondary shares have been earmarked as overallotment option.
The offering will bring to public hands up to 15.6 percent of its total shares post-IPO.
Bulk of the proceeds will be used by Pure Energy as capital for hydropower projects. The rest will be used for joint venture projects as well as operating and working capital.
Pure Energy is led by Dexter Tiu, its chair and chief executive officer. Tiu is also a director and treasurer of Coal Asia Holdings.
The company was incorporated in 2013 as a holding firm. Its three subsidiaries are REDC, Pure Water and Pure Geothermal.
REDC is into renewable energy while Pure Water has interests in bulk water, distribution utility and underwater treatment service provider.
REDC won the bidding for a geothermal concession area called Southern Leyte Geothermal Project, located at the south of the renowned Tongonan Geothermal Field. Initial feasibility study conducted by Japan External Trade Organization had estimated an available capacity of 110 megawatts.