Link: https://links.sgx.com/1.0.0/corporate-announcements/Q5TGVQUM621D2BJI/aa31e0b71a657d8c0ebb22f7d1eaf49a806289c4599e8f020f77b6177a8123b0

Summary:

• Transaction Overview

  • Sold 100 million shares in Eneco Energy, representing about 4.01% of Eneco Energy’s issued share capital, for S$1.15 million through a married deal to an independent investor.

  • Post-sale, Union Steel still holds 22.10% of Eneco Energy (551 million shares) and 500 million warrantsexercisable by August 2025.

• Consideration & Valuation

  • Sale price of S$0.0115 per share was based on recent volume weighted average prices.

  • Transaction resulted in an accounting loss of approximately S$28,000, due to higher weighted average cost after recent warrant exercises.

• Rationale & Use of Proceeds

  • Enables monetisation of investment to generate cash for redeployment into other opportunities.

  • Net proceeds after costs estimated at S$1.147 million.

• Financial Impact

  • Minor impact on the Group’s financials:

    • NTA per share changes slightly from 67.95 cents to 67.92 cents.

    • EPS marginally improves from 10.78 cents to 10.79 cents due to accounting adjustments.

• Regulatory Perspective

  • Transaction deemed a non-discloseable transaction under the Listing Manual, but announced voluntarily for transparency and good governance.

• Other Details

  • None of the directors, controlling shareholders, or their associates has any interest in the transaction.