Energoprojekt management doesn't support takeover bid

The management of Energoprojekt Holding is unanimously against the takeover bid recently submitted by Napred Razvoj AD, along with GP Napred, Montinvest Properties, the Swiss company Jopag AG and Dobroslav Bojovic.

The companies offered to take over 7,070,467 shares of Energoprojekt, i.e. a 64.68% stake in the company, at the price of RSD 1,501 per share. These are the remaining shares not yet owned by the bidder.

However, the management of Energoprojekt announced that it didn't support the bid, among other things because of “a range of legal violations, distrust in the professional, financial and moral capacities of the bidder, as well as suspicious activities in the capital market which have damaged Energoprojekt, the shareholders, the capital market and the state as the biggest individual shareholder”.

It is added that the offered price is not adequate either and that it is lower that the carrying amounts of the company's shares, as well as that it was reached by “unlawful transactions at the Belgrade Stock Exchange” carried out by the bidder.

The management also says that no talks or negotiations were held with the bidder and that there are no agreements or contracts. They also emphasize that they doubt the “truthfulness, accuracy and lawfulness of the data displayed in the bid”. As they say, the balances show that the bidder is excessively in debt.

After the Association of Small Shareholders of Energorpojekt unanimously supported the bid by Napred Razvoj, other shareholder associations and unions of the company reacted.

The Association of Shareholders of Energoprojekt Holding said that it was against the takeover due to “a questionable business reputation” and bad results of Napred and expressed doubt about its intention to develop and enhance Energoprojekt.

Also, the Unified Union Organization of Energorpojekt says that it expects the state to “protect Energoprojekt and take all measures in order for the ownership structure not to have an impact on employment and employee policy and especially not to lead to layoffs”.

Energoprojekt Holding a.d. Beograd

Napred razvoj a.d. Beograd

Napred a.d. Beograd

Montinvest Properties d.o.o. Beograd

Beogradska berza a.d. Beograd

Energoprojekt Holding

Napred Razvoj

GP Napred

Montinvest Properties

Jopag AG

Dobroslav Bojović

Energoprojekt takeover

sale of Energoprojekt

shares of Energoprojekt

Belgrade Stock Exchange

Association of Small Shareholders of Energorpojekt

Association of Shareholders of Energoprojekt Holding

Unified Union Organization of Energorpojekt