Following the disposal of 40 million shares in Eneco Energy by Union Steel Holdings, which amounts to about $460,000, the company now has about 26.11% of the total issued and paid-up share capital in Eneco.
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.
Union Steel has been disposing of its shares in Eneco Energy since the end of May. The company has taken part in four asset acquisition and disposal transactions from then until now.
On July 1, Union Steel sold its 40 million shares in Eneco for $458,000. The sale shares is about $471,000 computed based on the weighted average cost of the company’s investment in the shares of Eneco Energy.
Union Steel says that the gross proceeds of the sale of $460,000 is $11,000 less than the book value of the sale shares, resulting in the company reporting a loss of $11,000.
Shares in Union Steel closed 2.5 cents higher or 4.274% up at 61 cents on July 1.
