The company will explore potential cross-selling and cost mutualisation opportunities.

Union Steel Holdings Limited has acquired 680 million shares or 29.40% of Eneco Energy's total share capital for $7.48m, according to a bourse filing.

The company said logistics solutions provider Eneco Energy complements its business and will explore potential cross-selling and cost mutualisation opportunities with Eneco Energy.

Union Steel said internal resources will fund the acquisition.

SAC Capital Private Limited as the placement advisor to the company facilitated the transaction.