Energoprojekt to delist from Belgrade Stock Exchange

Energoprojekt Holding has scheduled an extraordinary shareholders’ meeting for October 27, with a single agenda item concerning the delisting of the company’s shares from the Belgrade Stock Exchange.

According to the notice to shareholders, the meeting has been convened to pass a resolution on delisting Energoprojekt Holding shares from the regulated market of the Belgrade Stock Exchange, specifically, the Open Market trading segment.

This indicates that the compulsory buyout of shares from remaining shareholders, following the acquisition of a 90% stake, has been successfully concluded for the majority shareholder, the company Napred Razvoj.

Let us remind that the majority owner of Energoprojekt Holding initially failed to consolidate ownership of the construction firm this summer, as the Securities Commission had temporarily suspended the recording of the compulsory buyout of remaining shares in mid-August.

That decision followed a ruling by the Administrative Court, which overturned the Commission’s 2017 decision approving the share purchase offer made to the construction company by a consortium led by Napred Razvoj and headed by Dobroslav Bojovic.

Notably, the Administrative Court issued its ruling prior to the Energoprojekt shareholders’ meeting held on July 30, where the decision to compulsorily buy out shares at a price of 452.25 dinars per share was adopted.

The compulsory buyout process was initiated after the majority owner increased their stake to 90.21 percent, thereby meeting the requirement to trigger the process, by acquiring the shares held by the Serbian government and minority shareholders.

As the largest minority shareholder, the Serbian government had previously sold its 33.89 percent stake, accepting the offer despite it being less favorable than the one made in 2017, specifically, at least three times lower, given that shares had been offered at a price of 1,501 dinars nine years earlier.

However, the decision to proceed with the compulsory buyout was revived last week and successfully concluded. Consequently, the next logical step is the company’s delisting from the Belgrade Stock Exchange.

Energoprojekt Holding a.d. Beograd

Napred razvoj a.d. Beograd

Beogradska berza a.d. Beograd

Energoprojekt New Belgrade