Link: https://links.sgx.com/1.0.0/corporate-announcements/2LWFRA5UJD6DDQA6/ae42378da9cdc47f001f2e66e6c3f72c3022f1ed24b5ff750b53ee2dadb406ed

Summary:

• Union Steel Holdings Limited exercised 200 million warrants in Eneco Energy Limited on 25 August 2025 at an aggregate exercise price of S$1,800,000 (S$0.009 per warrant).

• Following this transaction, Union Steel will hold 951 million ordinary shares in Eneco Energy, increasing its stake to approximately 28.85% of Eneco’s enlarged share capital (3,296,860,188 shares).

• The warrants enable the right to subscribe for one new ordinary share per warrant; they expire on 31 August 2025.

• The consideration for this exercise was funded fully by Union Steel’s internal cash resources.

• The exercise aligns with Union Steel’s strategy to maintain its shareholding in Eneco Energy.

• The transaction is classified as a "discloseable transaction" under SGX Listing Manual as relevant figures exceed the 5% threshold.

• There will be no changes to Union Steel’s net tangible assets (NTA) per share or total number of outstanding shares (remains at 118 million).

• No new directors are appointed in relation to this exercise, and none of Union Steel’s directors or controlling shareholders have any additional direct or indirect interest in this exercise.