Union Steel Holdings sells 40 million shares in Eneco Energy

The shares were sold to a third-party independent investor via a married deal.

Union Steel Holdings has sold 40,000,000 ordinary shares in Eneco Energy to a third party independent investor Yap Xi Ming for a price consideration of $460,000 or $0.0115 per share via a married deal.

Following the transaction, Union Steel Holdings will hold a 27.67% stake in Eneco Energy, comprising 640,000,000 ordinary shares.

It will also hold 680,000,000 warrants, each of which entitles the holder to subscribe for one new ordinary share in Eneco Energy at an exercise price of $0.009 per warrant.

The sale is intended to facilitate capital redeployment and provide additional resources for exploring other opportunities. Net proceeds are estimated at approximately $455,000.

In addition, the sale is expected to result in a profit of $29,000, increasing earnings per share to $0.1080 from $0.1078 prior to the transaction.