These projects may include offshore construction for oil & gas installation and construction projects, decommissioning of offshore oil & gas platforms in Southeast Asia, international ocean towing and heavy lift transportation by semisubmersible vessels.

 

Union Steel Holdings has entered partnerships with COSCO SHIPPING Marine Engineering and China Offshore Engineering Solutions to conduct oil & gas projects in the region, according to a bourse filing dated July 24.

 

The three entities signed a non-binding tripartite Strategic Cooperation Agreement.

 

These projects may include offshore construction for oil & gas installation and construction projects, decommissioning of offshore oil & gas platforms in Southeast Asia, international ocean towing and heavy lift transportation by semisubmersible vessels, among others.

 

&ldquo This tripartite strategic alliance marks a transformative step forward in the way we approach the future of the oil & gas industry. Our partnership is grounded in a shared vision and commitment to deliver high-impact results for our clients and stakeholders across the oil & gas value chain,&rdquo says Ang Yu Seng, executive chairman and CEO of Union Steel.

 

Summary:

 

On 14 July 2025, Union Steel Holdings exercised 300 million warrants in Eneco Energy at S$0.009 per warrant, paying a total of S$2.7 million from internal cash resources.

 

This follows their earlier exercise of 180 million warrants in June 2025, bringing the total new shares subscribed under both exercises to 480 million shares.

 

After this exercise, Union Steel&rsquo s stake in Eneco Energy increases from 18.09% to approximately 26.89%, with Union Steel now holding 751 million shares and 200 million remaining warrants.

Union Steel has disposed of yet another 30 million shares in Eneco Energy via an off-market transaction dated July 11.

 

The shares were sold for $345,000 or 1.15 cents per share.

 

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&rsquo 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

 

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&rsquo 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.

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&rsquo 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, now each has 26.11% of 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&rsquo 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.

 

Union Steel has sold 40 million shares in Eneco Energyfor $460,000 by way of a married deal to an individual investor.

 

This is about 1.73% of the total number of shares in the company, for 1.15 cents per sale share negotiated on a willing-buyer and willing-seller basis.

 

Following the sale, Union Steel will hold 640 million ordinary shares in Eneco energy or about 27.67% of the total number of shares in the company, and 680 million warrants in Eneco.

 

Each warrant in Eneco Energy held by Union Steel carries the right to subscribe for one new ordinary share in Eneco at an exercise price of 0.9 cents per warrant with an expiry date of Aug 31, 2025.

 

The net proceeds from the sale after deducting transaction costs of about $5,000, is about $455,000. The book value of the Sale Shares is $440,000 as at Dec 31, 2024, resulting in the gross proceeds of the sale of $20,000.

 

The individual investor is a third party unrelated to the company, directors, substantial shareholders or respective associates.

On Apr 28, Union Steel executive director Ang Yew Chye acquired 134,600 shares at an average price of S$0.53 a share. This increased his total interest in the metals, scaffolding and engineering company from 12.26 per cent to 12.37 per cent.

 

This closely followed his acquisition of 45,000 shares at S$0.51 a share on Apr 21. The co-founder increased his direct interest from 12.08 per cent when Union Steel reported its H1 FY2025 (ended Dec 31) results on Feb 12.

 

Revenue rose marginally due to stronger performance in metals and engineering segments, but gross profit declined from lower contributions from scaffolding segment. 

 

Union Steel has reported lower earnings of $6.1 million for the 1HFY2025 ended Dec 31, 2024, compared to the $7.04 million declared in the same period a year before. 

 

Earnings per share came in lower at 5.15 cents for the reporting period, compared to the 5.96 cents in the same period a year before. 

 

Revenue for the 1HFY2025 rose marginally to $58.6 million from $53.5 million a year ago. The group says that this growth was driven primarily by a stronger performance in the metals and engineering segments, partially offset by a lower contribution from the scaffolding segment.

 

However, gross profit declined to $15.8 million from $16.4 million a year ago. 

 

The group says that this decline in gross profit is due to lower contributions from the scaffolding segment and softer pricing for both new steel and scrap metal within the metals segment, amid intense market competition.

 

Consequently, the group&rsquo s gross profit margin contracted from 30.6% in 1HFY2024 to 26.9% in 1HFY2025.

 

Other income increased by 21.2% or $0.7 million from $3.3 million in 1HFY2024 to S$4.0 million in 1HFY2025, mainly attributable to the increase in bad debt recovery.

 

Administrative expenses rose by 10.7% to $9.3 million in 1HFY2025, due to a $0.4 million increase in staff related costs driven by a general increment in payroll and a higher headcount to support the expansion of the engineering segment. 

 

The group also incurred a $0.3 million in professional fees related to the acquisition of an associated company and recorded higher depreciation charges of $0.2 million for a new building acquired during the financial period under review. 

 

Union Steel&rsquo s cash and cash equivalents increased by $1.3 million compared to the previous corresponding period. 

 

The net gearing of the Group increased to 30.7% as at Dec 31, 2024 from 16.3% in theprevious corresponding period, mainly due to the new bank borrowings. 

On Dec 2, Union Steel : ZB9 -1.64%executive director Ang Yew Chye acquired 63,800 shares at an average price of S$0.624 per share. This increased his total interest in the metals, scaffolding, and engineering company from 12.03 per cent to 12.08 per cent. His preceding acquisition of 30,000 shares at S$0.685 apiece was on Jul 16. Ang is a co-founder of the group and an executive director since August 2004.

 

He oversees daily operations and management, bringing more than 30 years of experience in the scrap metal recycling industry. Union Steel ranks among the 250 most-traded stocks this year, and among the 150 stocks that booked the highest net institutional inflow.

 

Lian Bee Metal has also increased its direct interest in Union Steel this year from 5.44 per cent to 6.52 per cent as at Oct 7.

 

In its FY2024 ended Jun 30, Union Steel&rsquo s revenue rose by 7 per cent to S$114.9 million, driven by strong performance in the engineering segment, despite declines in the metals and scaffolding segments.

 

The engineering segment saw a 33 per cent increase in revenue due to recovery in related industries and diversification. However, annual sales for the metals segment decreased by 11 per cent due to competition and price softening, while the scaffolding segment&rsquo s revenue dropped by 26 per cent as operations normalised post-Covid-19.

 

Singapore remained the main revenue contributor, accounting for 81 per cent of sales. The group&rsquo s gross profit grew by 14 per cent from FY2023, with an improved profit margin of 27.2 per cent. Net asset value per share increased to S$0.75.

 

Looking ahead, Union Steel said that its metal segment faces volatile pricing and competition but leasing activities have grown steadily. It added that the scaffolding business remains profitable, and the engineering unit has expanded regionally through acquisitions, optimising costs and improving efficiency across the group.

 

The company maintains a price-to-earnings ratio of 5.7 times and return on equity of 15.3 per cent. It operates in Singapore with more than 550 employees. Founded in 1984, the group has expanded from trading ferrous scrap metal to include diverse services such as engineering and deck equipment for the offshore and marine industries, guided by socially responsible practices.

 

Ang Yew Chye, the co-founder and executive director of Union Steel, has bought 63,800 shares for $39,832.25, or 62.4 cents apiece. 

 

The shares were bought via the market on Dec 2. 

 

Following the transaction, Ang&rsquo s stake came up to 12.08% from 12.03% previously. 

 

Mainboard-listed Union Steel Holdings has acquired 680 million shares &ndash or a 29.4% stake &ndash in fellow Mainboard-listed Eneco Energy 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&rsquo 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&rsquo s shares for the last one month before the acquisition.

 

Eneco Energy is the holding company of logistics solutions provider Richland Logistics Services in Singapore. The company has been on SGX&rsquo 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.

 

According to Union Steel, the group has been actively looking for complementary businesses that align with its existing portfolio as well as businesses that have been demonstrating growth potential and sustainable returns. Eneco Energy&rsquo s business is &ldquo complementary&rdquo to the group, adds Union Steel, as the latter can explore &ldquo potential cross-selling and cost mutualisation opportunities&rdquo .

 

Both companies may also work together to consider ways to utilise Eneco&rsquo s Richland Logistics business to streamline Union Steel&rsquo s supply chain logistics operations among other factors.

 

Furthermore, Eneco Energy&rsquo s listing status offers &ldquo potential opportunities&rdquo to enhance Union Steel&rsquo s market presence and strategic reach.

 

Based on Union Steel&rsquo s calculations, the net losses attributable to the assets acquired or disposed of compared to its net profits is -1.92%.

 

On a pro forma basis, had the acquisition been completed on June 30, the group&rsquo s net tangible assets (NTA) per share would have remained unchanged at 67.95 cents.

 

Union Steel&rsquo s earnings per share (EPS) had the acquisition been completed on July 1, 2023, would have been at 10.57 cents from 10.78 cents originally.

 

The acquisition constitutes a &ldquo discloseable transaction&rdquo under chapter 10 of the Singapore Exchange S68 &rsquo s (SGX) listing manual.

On Jun 14, Union Steel Holdings : ZB9 +1.43% executive director Ang Yew Chye acquired 30,000 shares at S$0.67 per share.

 

With a consideration of S$20,100, this increased his direct interest in the multi-business investment holding company from 11.97 per cent to 12 per cent.

 

As a co-founder of the group, Ang has more than 30 years of experience in the scrap-metal recycling business.

 

INSTITUTIONS continued to be net buyers of Singapore stocks over the four trading sessions through to Mar 27, with S$211 million of net institutional inflow, as 22 primary-listed companies conducted buybacks with a total consideration of S$8.4 million.

 

Olam Group : VC2 0% bought back a total of 2,333,100 shares at S$1.05 per share over the four sessions. Its buybacks through to Mar 27, represent around 0.70 per cent of its total outstanding shares (excluding treasury shares).

 

Digital Core Reit Management also continued to buy back units of Digital Core Reit : DCRU 0% over three of the four sessions.

 

This brought the total units bought back on the current mandate to around 1.28 per cent of the outstanding units.

 

Leading the net institutional inflow over the four sessions were DBS : D05 0%, Singtel : Z74 0%, OCBC : O39 0%, Yangzijiang Shipbuilding (Holdings) : BS6 0%, Keppel : BN4 -0.94%, Singapore Technologies Engineering : S63 0%, CapitaLand Ascendas Reit : A17U 0%, Sembcorp Industries : U96 0%, Suntec Reit : T82U 0% and Venture Corporation : V03 0%.

 

Meanwhile, Singapore Exchange : S68 -0.97%, Singapore Airlines : C6L 0%, CapitaLand Integrated Commercial Trust : C38U -0.5%, Jardine Cycle & Carriage : C07 0%, Mapletree Logistics Trust : M44U 0%, CapitaLand Investment : 9CI 0%, Mapletree Industrial Trust : ME8U 0%, City Developments : C09 0%, Frasers Centrepoint Trust : J69U 0%, and Keppel Reit : K71U 0%led the net institutional outflow over the five sessions.

 

The four trading sessions saw close to 60 changes to director interests and substantial shareholdings filed for close to 30 primary-listed stocks.

 

Directors or CEOs filed 19 acquisitions, and two disposals, while substantial shareholders filed four acquisitions and one disposal.

 

Raffles Medical Group

Between Mar 21 and 25, Raffles Medical Group : BSL 0% executive chairman Loo Choon Yong acquired 600,000 shares at an average price of S$1.03 per share. It increased his total interest from 53.79 per cent to 53.83 per cent. This has followed on from his acquisition of 14.3 million shares between Feb 27 and Mar 20.

 

Union Steel Holdings

Between Mar 25 and 26, Union Steel Holdings : ZB9 0% executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share. With a consideration of S$437,085, this increased his direct interest in the multi-business investment holding company from 11.18 to 11.97 per cent. As a co-founder of the group Ang has more than 30 years of experience in the scrap metal recycling business.

 

PSC Corporation

Between Mar 21 and 25, PSC Corporation : DM0 0% executive chairman Sam Goi Seng Hui purchased 239,600 shares at an average price of S$0.357 per share. With a consideration of S$85,441 this increased his direct interest from 30.66 per cent to 30.70 per cent. Goi has been gradually increasing this direct interest from 30.41 per cent at the end of February and 30.02 per cent prior to December 2023.

 

JB Foods

On Mar 25, JB Foods : BEW 0% executive director Goh Lee Beng bought 120,900 shares at S$0.484 per share. With a consideration of S$58,535, the acquisition increased her total interest in the provider of premium cocoa ingredient products from 47.53 to 47.57 per cent. This followed her buying 214,500 shares between Mar 14 and 19 at S$0.48 per share 13,900 shares at S$0.48 per share on Mar 7, and 191,500 shares at S$0.49 per share on Mar 11.

Between Feb 2 and 6, Lian Bee Metal acquired 24,000 shares of , which increased its substantial shareholding from 5.64 per cent to 5.70 per cent. The shares were acquired for a consideration of S$27,441 at an average price of S$1.14 per share.

 

Lian Bee Metal&rsquo s direct interest in Union Steel Holdings crossed the 5 per cent substantial shareholder threshold back on Sep 4. Union Steel Holdings is a multi-business investment holding company, with three primary business drivers &ndash metals, scaffolding and engineering. Union Steel Holdings also gained shareholder approval for a share split of every one existing share into three shares at the Feb 7 EGM.

 

On Feb 7, Union Steel Holdings also reported its H1 FY24 (ended Dec 31) group revenue increased by 0.6 per cent or S$0.3 million to S$53.5 million from S$53.2 million in H1 FY24. This was mainly attributable to the notable expansion within the Engineering segment, which was partly offset by the sales softening in the Metals segment. Since FY22, the group has expanded into complementary business segments within the offshore, marine, and oil& gas industries.

 

The acquisition of BTH Group, Promoter, Marshal Group and Fastweld Engineering has diversified the group&rsquo s revenue streams and contributed to the increased revenue from the Engineering segment. Meanwhile, the metals sector, particularly the steel market, continued to experience further price softening and intensive competition for both new steel and scrap metal.

 

The group&rsquo s gross profit jumped 26.1 per cent to S$16.9 million in H1 FY24 from S$13.4 million in H1 FY23, mainly due to the higher revenue and improved performance of the engineering segment. As a result, gross profit margin also increased from 25.2 per cent in H1 FY23 to 31.6 per cent in H1 FY24.

 

Geographically, Singapore continues to be the primary driver of the group&rsquo s revenue, representing 79 per cent or S$42.3 million of revenue in H1 FY24 from 75 per cent or S$40.1 million in H1 FY23.

Lian Bee Metal acquired 15,000 shares of on Jan 25, which increased its substantial shareholding from 5.6 per cent to 5.64 per cent.

 

Lian Bee Metal&rsquo s direct interest in Union Steel crossed the 5.0 per cent substantial shareholder threshold on Sep 4.

 

Union Steel is a multi-business investment holding company, with three primary business drivers &ndash metals, scaffolding and engineering.

 

The company will be holding an EGM on Feb 7, to seek shareholder approval for a proposed share split of every one existing share into three shares.

 

January net institutional flow

Leading the net institutional outflow in January were DBS, Keppel DC Reit, City Developments, , Jardine Cycle & Carriage, , Singapore Exchange, Singapore Technologies Engineering, Mapletree Pan Asia Commercial Trust, and CapitaLand Ascendas Reit.

 

For the month of January, UOB, Yangzijiang Shipbuilding Holdings, OCBC, , Sembcorp Industries, Venture Corporation, Keppel, ComfortDelGro Corporation, Jardine Matheson Holdings and Genting Singapore led the net institutional inflow.

 

While Singapore stocks saw a total S$384 million of net institutional outflow in January, the number of stocks which experienced net inflow was comparable to those that received net outflow from institutional investors.

Lian Bee Metal has been increasing its direct interest in Union Steel Holdings : BLA -1.98%. Its substantial shareholding came to 5.4 per cent on Nov 1, following the acquisition of 8,000 shares at S$1.02 per share. Lian Bee Metal&rsquo s direct interest in Union Steel Holdings crossed the 5 per cent substantial shareholder threshold on Sep 4. Union Steel Holdings is a multi-business investment holding company, with three primary business drivers &ndash metals, scaffolding and engineering. The group started operations in 1984 as YLS Steel, which was involved in the trading of ferrous scrap metal and since 1991, and has since expanded to provide steel rental, distribution, and storage services as well as metal recycling. The group&rsquo s revenue increased by 34 per cent to S$107.3 million in FY23 (ended June 30), from S$80.1 million in FY22. The revenue increase was mainly attributable to the growth of the Engineering segment and the Scaffolding segment.