Union Steel sells 40 million shares in Eneco for $458,000

Union Steel said the proceeds will be used for cash for redeployment.

Union Steel Holdings Limited has sold 40 million shares of its shares in Eneco Energy for $458,000, according to a bourse filing.

The sale shares are about $471,000, computed based on the weighted average cost of the company’s investment in Eneco Energy’s shares.

Union Steel said the proceeds will be used for cash for redeployment and additional resources. 

The company also said that the gross proceeds of the sale of $460,000 are $11,000 less than the book value of the sale shares, resulting in the company reporting a loss.