Union Steel Sells Additional 30 Million Eneco Shares for S$345K, Maintains Significant Stake
Summary:
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Union Steel Holdings Limited sold 30 million shares in Eneco Energy for S$345,000 via a married deal to CK Chu Investment, representing about 1.20% of Eneco’s issued share capital.
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After this sale, Union Steel still holds 521 million shares (20.90% stake) and 500 million warrants in Eneco, each exercisable at S$0.009 per share until August 31, 2025.
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The sale was priced at S$0.0115 per share, slightly above the 5-day VWAP of S$0.0099, and will result in an accounting loss of approximately S$8,000 due to a higher weighted average cost after earlier warrant exercises.
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The transaction allows Union Steel to monetise part of its Eneco stake for S$343,000 net proceeds to redeploy into other opportunities.
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Even combined with an earlier sale of 40 million shares on 1 July 2025, the aggregated relative figures under SGX Rule 1006 remain below 5%, classifying the sales as non-discloseable transactions.
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The disposal has minimal financial impact: NTA per share drops marginally from 67.95 cents pre-disposals to 67.93 cents, with EPS unchanged at 10.78 cents.
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No directors or controlling shareholders have any interest in the transaction.