Bojovic to pay EUR 24 million for Energoprojekt share buyout – Napred Razvoj to prepare offers for four subsidiaries

The owner of the construction company Napred Razvoj, Dobroslav Bojovic, confirmed on Monday, July 31, 2017, that he had managed to buy out an additional 16.63% shares of Energoprojekt Holding and become the majority owner of the company.

– I will pay EUR 24 million for the share buyout and I have already made an offer for the buyout of the shares of two subsidiaries of Energoprojekt – Entel and Garant, and I am also preparing offers for another two subsidiaries – Oprema and Industrija – Bojovic said for Beta.

He pointed out that he would soon talk to employees in Energoprojekt and present their business plan to them.

– Our goal is to make Energoprojekt bigger and better – Bojovic said.

Vladimir Milovanovic, CEO of Energoprojekt, previously pointed out that Napred Razvoj would have to make offers for Energoprojekt's four subsidiaries, in which it has an ownership share of over 25%.

According to his estimate, Napred Razvoj and related companies will have to pay around EUR 20 million for around 17% of Energoprojekt Holding shares and 15 to 20 million euros for the shares of the subsidiaries.

– The price of the shares of the subsidiaries needs to be determined by the Securities Commission, as they are rarely listed at the Belgrade Stock Exchange, and, judging by the way the Commission is defining the price of Energoprojekt shares, I assume that the shareholders will not be satisfied and that they will seek justice in court – Milovanovic said.

He said that he had sold his shares in Energoprojekt, but that he didn't know whether he would remain in the company before he saw the plan of the new majority owner, as the bid had not contained a detailed plan.

Bojovic lacked a little over 15% of the shares to become the majority owner of Energoprojekt with over 51%, as Napred Razvoj had previously bought 24.5%, whereas related companies Montinvest Properties and Jopag had bought 5.17% and 5.12% respectively. The state, which owns 33.58% of Energoprojekt shares, has not sold its stake, according to unofficial information.

Energoprojekt Holding has around 2,500 workers and a considerable number of jobs contracted abroad. The company's profit amounted to EUR 10.5 million last year, whereas the profit in the first six months of 2017 amounted to EUR 6.7 million. Its property has been estimated at EUR 150 million.

Energoprojekt Holding a.d. Beograd

Napred razvoj a.d. Beograd

Montinvest Properties d.o.o. Beograd

Energoprojekt Entel a.d. Beograd

Energoprojekt garant a.d. Beograd

ENERGOPROJEKT OPREMA a.d. Beograd

Energoprojekt Holding

Napred Razvoj

Dobroslav Bojovic

Vladimir Milovanovic

Jopag AG

Montinvest Properties

Entel

Garant

Oprema

Industrija

Energoprojekt shares

Energoprojekt takeover