KODAR Inzenjering acquires 47-percent stake in Energomontaza

(Workers of KODAR at work)

Belgrade-based KODAR Inzenjering has acquired 46.9 percent of shares of Energomontaza, thus practically taking over the controlling stake in that company, the Central Securities Register announced.

According to its takeover bid, which was closed on May 9, KODAR wanted to acquire a minimum 25 percent of shares and offered the shareholders of Energomontaza the price of RSD 4,200 per share. The biggest seller was the state, that is, the Share Fund and the Pension and Disability Insurance Fund, which sold about 40 percent of shares and, thus, determined the outcome of the public bid.

With the bid price of RSD 4,200 per share, the market capitalization of Energomontaza amounts to RSD 299.4 million (about EUR 3 million). This company registered a business revenue of RSD 1.19 billion and turned a net profit of RSD 2 million in 2010.