Union Steel (SGX:ZB9) exercised 2 million warrants in Eneco Energy (SGX:R14) to acquire the same number of shares in the latter for SG$1.8 million in total, according to a Monday filing with the Singapore Exchange.

Each warrant in Eneco Energy held by Union Steel carries the right to subscribe for one new ordinary share in Eneco Energy at an exercise price of SG$0.009 per warrant, the filing said.

Following the allotment and issuance of the shares, the company will hold 28.85% of the total enlarged issued and paid-up share capital of Eneco Energy.