Securities Commission revokes Energoprojekt Holding’s voting rights in dependent companies

The Securities Commission of Serbia has revoked Energoprojekt Holding’s voting rights in dependent companies Oprema, Industrija and Entel, Blic learns.

This way, the Commission wants to prevent the majority owner of Holding, the consortium gathered around the companies of Dobrosav Bojic, from exercising full control of the biggest Serbian construction company. The explanation of the decision, which was viewed by Blic, clearly states that, at the GM of Energoprojekt Oprema, scheduled for January 27, in which the current management was supposed to be dismissed and new one appointed, the votes of Holding need to be excluded, as their majority owner, the consortium gathered around Napred Razvoj, failed to honor the legal provisions related to the takeover of shares of dependent companies.

The cause of this decision is a petition filed to the Commission by small shareholders of Oprema. The reason for the petition was Bojovic’s decision to take over this dependent company without a share buyout and by dismissing the current management at the GM instead. In order to do this, he scheduled the session for January 26 through the court, which approved the calling of the session and the proposition of the agenda by Bojovic, but didn’t allow for the quorum to consist of the shares of the majority owner of EP Holding, that is, Bojovic and related companies. The petition was adopted yesterday.

– Energoprojekt Holding’s voting rights in Oprema and other dependent companies has thereby been revoked. The ban remains in effect until the shares of small shareholders, of November 13, 2017, are bought out by the consortium of Napred Razvoj. Otherwise, the intention to circumvent the law is clear – says the explanation of the Securities Commission.

Energoprojekt Holding a.d. Beograd

Komisija za hartije od vrednosti Republike Srbije Beograd

ENERGOPROJEKT OPREMA a.d. Beograd

Energoprojekt Industrija a.d. Beograd

Energoprojekt Entel a.d. Beograd

Energoprojekt Holding

Securities Commission

Energoprojekt Oprema

Dobrosav Bojovic