Distribution of Money from the Shareholders Fund - Most Citizens to Receive 6,000 Dinars, Shareholders Several Times More

If all adult citizens of Serbia are entitled to receive 6,000 dinars each from the Shareholders Fund on September 22, and owners of the seven shares in this fund received free of charge are entitled to the same amount, how much will those who own 35, 49 or 168 shares in the Fund receive?

All adult citizens of Serbia will receive 6,000 dinars each from the Shareholders Fund on September 22.

What About Those Who Acquired Additional Shares?

Those who are not shareholders of this fund are entitled to this amount because the Serbian president announced on Friday evening that the law would be amended, while the same amount is also due to all those who own seven shares in the Fund received under the Law on the Right to Free Shares and Monetary Compensation Exercised by Citizens in the Privatization Process.

Some of these shareholders, who may have inherited a package of seven shares from deceased parents or spouses, can expect to receive a total of 12,000 or "even 18,000 dinars," as announced.

However, what about those who have meanwhile "acquired" these shares - even though they are not traded on the stock exchange, but could be transferred through gift agreements?

According to this calculation, they would be entitled to considerably more money.

A review of the list of the largest shareholders in the Shareholders Fund - with only the 15 largest publicly available - shows that, in addition to the state and an insurance company, there are citizens who own 35, 42, 49, 63, 77, 84 and even 168 shares in the Shareholders Fund.

This means that they own anywhere from five packages of these shares (a package consists of the seven shares originally received), to six, seven, nine, 11, 12 or even 24 packages.

If one package is worth 6,000 dinars, the largest small shareholder, with 24 packages, should receive a total of 144,000 dinars from the Shareholders Fund (although the Ministry of Economy has distanced itself from this "large" amount).

The person immediately below them on the list, with 84 shares, or 12 packages, should, according to this calculation, have 72,000 dinars "deposited" into their account on September 22.

And so on.

The complete list of all shareholders in the Shareholders Fund, the so-called shareholder register, is not publicly available, just as it is not publicly available for any company whose shares were distributed free of charge to citizens (Telekom, NIS, Airport).

What Was Announced

- We will begin payments from the Shareholders Fund on September 22 - in the meantime, we have to amend the law because someone drafted a very stupid law back in 2007 or 2008. Let me explain it in one sentence: It was written at the time that everyone who was an adult by 2007 was entitled, and now we have to make payments for people who have since died - to their heirs, of whom there are around 1.3 million, in accordance with inheritance proceedings - Vucic told RTS.

Therefore, he specified, some individuals will receive two or even three payments of 6,000 dinars.

- Some people will receive 12,000 dinars, some even 18,000 dinars. There will be a total of 7,668,000 payments - Vucic said.

He reiterated that all adult citizens would receive 6,000 dinars each, "while some will receive slightly more than that."

- Those who are adults today would not be entitled to it. Because under the law, only those who were adults by 2007 are entitled. That is why we have to amend the law so that all adults, including those who are 35 today, can receive this money, although they otherwise would not be entitled to it - Vucic said.

The Serbian president did not specify exactly which law he was referring to, so it has not been confirmed that this is the Law on the Right to Free Shares and Monetary Compensation Exercised by Citizens in the Privatization Process.

Who Was Entitled to Free Shares

As a reminder, the majority owners of the Shareholders Fund (98.65%) are Serbian citizens. However, this does not include all citizens, but only those who acquired this right under the Law on the Right to Free Shares and Monetary Compensation Exercised by Citizens in the Privatization Process.

These were adult Serbian citizens who had turned 18 - not BY 2007, as the Serbian president stated, but by December 31, 2007 - and who had never previously received any free company shares.

Another requirement, as stipulated by Article 2 of the aforementioned law, was that these citizens were registered on the electoral roll maintained by the competent municipal authorities on the date they acquired the status of holders of the right to free shares, and that on June 30, 2007, they had permanent residence in the Republic of Serbia or the status of temporarily displaced persons from Kosovo and Metohija.

They also had to be entered in the register of rights holders maintained by the ministry responsible for privatization affairs, in accordance with the law.

There were 4.8 million such citizens, and each received 31 shares in Telekom Srbija, one share in Nikola Tesla Airport, five shares in NIS and seven shares in the aforementioned Shareholders Fund.

What Shareholders Have Received So Far

Citizens have received a total of 8,509.93 dinars in dividends from all these shares over the past period, according to data from Postanska Stedionica. Citizens received only 1,700 dinars from the Shareholders Fund in the form of a one-time payment.

As stock market analyst and Momentum chief broker Nenad Gujanicic told Albatros.news, the assets of the Shareholders Fund consist of shareholdings in companies from the privatization process, proceeds from the sale of these assets and dividends collected from the few companies that distributed part of their profits to shareholders.

- According to last year's financial statements, at the end of December 2025, the Shareholders Fund had 27.5 billion dinars in term deposits with banks, meaning that each of its 4.8 million shareholders could receive around 5,700 dinars ahead of the elections. Or a few dinars more if additional proceeds from share sales or dividends come in in the meantime - Gujanicic said a day before the president announced an individual payment of 6,000 dinars to all adult citizens, not only shareholders.

Shareholders Fund Financial Statements

"As of December 31, 2025, the Shareholders Fund owns shares and stakes in a total of 373 companies. Of these, the Fund owns shares in 250 public joint-stock companies, shares in 42 non-public joint-stock companies and stakes in 81 limited liability companies," according to the Notes to the Fund's 2025 financial statements.

As the N1 portal previously reported, of the 373 companies included in the Fund's portfolio, 141 are classified as inactive - undergoing bankruptcy or liquidation proceedings - while the Fund's holdings in 232 active companies could potentially be sold.

"In 2025, available financial resources amounting to 27.5 billion dinars were placed in term deposits in accordance with the Government Conclusion of October 16, 2025," the documentation states.

The Fund has a total of 492,398,000 dinars in current accounts.

The Fund recorded a profit of 1.5 billion dinars in 2025.

The Fund generated more than 1.54 billion dinars in interest income last year.

The Fund had no operating revenue last year, but total revenue reached 1,556,282,000 dinars, primarily due to interest income amounting to 1,543,045,000 dinars.

The Fund's net profit amounted to 1,501,123,000 dinars.

Akcionarski fond Beograd

Shareholders Fund

Law on the Right to Free Shares and Monetary Compensation

Nenad Gujanicic

money

shares