Bojovic announces lawsuit against Securities Commission over Energoprojekt

The majority owner of Energoprojekt Holding, Dobrosav Bojovic, said on Monday, January 22, 2018, that he would sue the Securities Commission of the Republic of Serbia over the revocation of the right of vote from the company in dependent companies Industrija and Oprema.

On January 19, the Securities Commission adopted a temporary decision revoking the right of vote from Bojovic until, as said, he buys out the shares of small shareholders in Industrija and Oprema. Previously, his right of vote in the third dependent company, Entel, was revoked as well.

Bojovic said that he had made offers for the purchase of shares in Oprema and Industrija, but that the Securities Commission “didn't accept them, thereby violating several laws”.

– I will sue the Securities Commission, as its has caused me incalculable damage by revoking my right of vote in Industrija and Oprema, thereby blocking the work of 500 to 600 engineers, who are prevented from doing their job, as I am unable to secure financing from banks, which the decision of the Securities Commission has made cautious – Bojovic said.

He added that he had given offers for the takeover of both companies and that the Securities Commission had had no right to interpret the evaluation of the shares conducted by the audit company KPMG.

Bojovic and the consortium of the companies either owned or co-owned by him, through which he bought Energoprojekt Holding, made an offer for the buyout of shares of small shareholders in Oprema in mid-2017, initially at the price of RSD 2,889. After the Securities Commission ordered them to perform “a fair evaluation in line with the law”, they offered a lower price of RSD 2,700 per share.

The shareholders claim that the real value of Oprema's shares is RSD 6,166.

Bojovic and his companies initially offered RSD 304 to shareholders of Industrija, and then raised the offer to RSD 2,700 after the Securities Commission intervened.

The Securities Commission rejected both offers, and the shareholders claim that the real price is RSD 5,800 per share.

Dobrosav Bojovic initiated the takeover of Energoprojekt and its dependent companies in February 2017. He owns 51.99%, whereas the state, which has recently sued Bojovic, owns 33.58%.

Energoprojekt Holding a.d. Beograd

Napred a.d. Beograd

Komisija za hartije od vrednosti Republike Srbije Beograd

Energoprojekt Industrija a.d. Beograd

ENERGOPROJEKT OPREMA a.d. Beograd

Energoprojekt Entel a.d. Beograd

KPMG d.o.o. Beograd

Dobrosav Bojovic

Securities Commission

Energoprojekt shares

Energoprojekt operations

Energoprojekt takeover