Union Steel has been steadily disposing its shares in Eneco Energy via off-market transactions on several occasions.
The first such transaction took place on May 28 when 40 million shares were disposed of for $460,000. At the time, Union Steel’s stake in Eneco Energy fell to 640 million shares reprsenting a 27.67% stake from 29.4%.
On June 12, another 85 million shares were sold for $977,500. On June 25, 44 million shares were disposed of for $506,000 although Union Steel acquired 180 million shares for $1.62 million on the same day, per a separate filing.
In a separate statement issued on June 25, Eneco Energy said it allotted and issued 180 million new shares pursuant to the exercise of 180 million warrants at the exercise price of 0.9 cents per share. The new shares are ranked equally with the existing shares of the company
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On July 1, 40 million shares were disposed of for $460,000 via another off-market transaction while 100 million shares were disposed of for $1.15 million on July 7.
On July 9, Union Steel disposed of 30 million shares for $345,000 while the company sold another 40 million shares for $460,000 on July 10.
Following the latest disposal on July 11, Union Steel Holdings now has 451 million shares representing a 18.09% stake in the company.
Union Steel’s founder Ang Yu Seng and majority shareholder Goi Seng Hui, who both hold more than 20% of the total issued share capital of Union Steel, have indirect interests in the total percentage of voting shares in Eneco Energy.
Shares in Eneco Energy closed 0.1 cents lower or 10% down at 0.9 cents on July 11.
