Eneco Energy is the holding company of logistics solutions provider Richland Logistics Services in Singapore. The company has been on SGX’s watch-list since Dec 3, 2019, after it posted three straight years of losses on June 14, 2019. The company was to have fulfilled the requirements under rule 1314 of the listing manual to be removed from the watch-list. The deadline was extended to Dec 1 this year.
Mainboard-listed Union Steel Holdings (SGX:BLA
) has acquired 680 million shares – or a 29.4% stake – in fellow Mainboard-listed Eneco Energy (SGX:R14) for a consideration of up to $7.48 million or 1.1 cents per share. The acquisition was made on Nov 22 and will be funded by internal resources, says Union Steel.
The consideration factored in a book value of $5.79 million attributable to the 680 million shares based on Eneco’s latest financial statements for the period ended June 30. The amount also factors in the trading activity of the shares in Eneco Energy including the volume weighted average price (VWAP) of Eneco Energy’s shares for the last one month before the acquisition.
