Commission for securities rejects request of Napred Razvoj for Energoprojekt Entel

The Commission for securities rejected on Thursday, August 17, 2017, a request from a bidder – Napred Razvoj for the approval of he announcement of takeover bid for Energoprojekt Entel.

In the explanation, the Commission states, inter alia, that the report submitted by Napred Razvoj does not contain an estimate of fair value of Energoprojekt Entel shares in line with the regulations.

As stated in the announcement of a group of minority shareholders of Energoprojekt Entel public company, minority shareholders timely submitted to relevant governmental institutions a fair value estimate January 31, 2017, which estimates 100% of the equity capital at Energoprojekt Entel to about USD 156 m.

They also state that with rejected takeover offer, Napred Razvoj "tried to damage shareholders" by estimating 100% of Energoprojekt Entel's equity to around USD 41 m.

Small shareholders also remind that EBITDA indicator of Energoprojekt Entel Group in 2016 totaled to about USD 7.5 m, net cash on balance sheet about 17 m, receivables based on sales of about USD 20 m, while group's unallocated profit at the end of 2016 totaled USD 27 m.

You can download decision of the Commission in PDF file.

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Komisija za hartije od vrednosti Republike Srbije Beograd

Napred razvoj a.d. Beograd

Energoprojekt Holding a.d. Beograd

Energoprojekt Entel a.d. Beograd

Komisija za hartije od vrednosti

Napred Razvoj

Energoprojekt Entel

Energoprojekt

manjinski akcionari Energoprojekt Entel

preuzimanje Energoprojekt Entela

dobit Energoprojekt Entel

prihod Energoprojekt Entel

profit Energoprojekt Entel