Bojovic fails to dismiss Energoprojekt CEO

Dobroslav Bojovic, the new majority owner of Energoprojekt, failed to dismiss the current CEO, Vladimir Milovanovic, in a summary procedure at yesterday's session of the Supervisory Board. Bojovic required the Supervisory Board to dismiss Milovanovic immediately after the completion of the takeover bid for the biggest construction company in Serbia.

The session proved to be turbulent, as the former chairman of this body, Andjelko Kovacevic, submitted his resignation. Nevertheless, he scheduled an extraordinary GM for September 1 in the capacity of a chairman. He thereby ignored Bojovic's request to have the extraordinary GM scheduled for August 16.

According to the findings, following the shift in the ownership distribution, the Supervisory Board no longer has the legitimacy, which is the reason why yesterday's attempt to dismiss Milovanovic failed. More precisely, three members of the Supervisory Board have sold their shares to Bojovic, thereby legally being excluded from the body. One member resigned earlier, and the Supervisory Board is thereby practically illegitimate, as it has fewer than a half of the necessary number of seven members. The company's statute says that the remaining members are obliged to schedule a GM session for the purpose of electing new Supervisory Board members.

Bojovic has already submitted a proposal for the GM agenda, consisting of, as expected, proposals for the dismissal and the election of the GM chairman, as well as of Supervisory Board members. He proposes two persons for the position of the GM chairman, Dragoljub Milovanovic and Slavka Cosic, both of whom have spent their working lives in Energoprojekt. Bojovic proposes himself, Miodrag Zecevic, Vitomir Peric, Branislav Ivkovic and Zoran Djerkovic for membership in the Supervisory Board. His proposed candidates for independent members of the body are Nada Bojovic and Marko Milojevic.

Energoprojekt Holding a.d. Beograd

Napred razvoj a.d. Beograd

Montinvest Properties d.o.o. Beograd

Jopag AD

Dobroslav Bojovic

Vladimir Milovanovic

Andjelko Kovacevic

dismissal of Energoprojekt CEO

Dragoljub Milovanovic

Slavka Cosic

Miodrag Zecevic

Vitomir Peric

Branislav Ivkovic

Zoran Djerkovic

Nada Bojovic

Marko Milojevic