January 22 (SeeNews) - Serbia's Securities Commission said on Monday it blocked the voting rights of civil engineering group Energoprojekt [BEL:ENHL] in its subsidiaries Energoprojekt Oprema [BEL:ENOP] and Energoprojekt Garant [BEL:ENGR].
Energoprojekt's voting rights were blocked, as the group's majority owner, Serbian company Napred Razvoj, has failed to comply with the legal provisions regarding the takeover of shares in subsidiaries, the Securities Commission said in a bourse filing.
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The voting rights of Napred Razvoj in Energoprojekt Garant and Energoprojekt Oprema will remain blocked until the company acquires the shares of minority shareholders in the two companies, the Securities Commission said.
The reason for the decision was an application submitted by minority shareholders of Energoprojekt Oprema who accuse the owner of Napred Razvoj, Dobroslav Bojovic, of aiming to take control of the company by changing its management instead of acquiring the outstanding shares, the Commission added.
On January 16, Energoprojekt Oprema said a Belgrade court approved the convening of a shareholders' meeting on January 26 to vote on the appointment of a president of the company.
Napred Razvoj said in August it plans to launch takeover bids for 73,455 shares in Energoprojekt Industrija, or 37.23% of the company's capital, and 112,939 shares in Energoprojekt Oprema, equivalent to a stake of 32.13%. In June, Napred Razvoj launched a takeover bid for a 92.94% stake in Energoprojekt Garant. Napred Razvoj said in August it successfully took control of 52.1% of Energoprojekt's share capital after acquiring a 16% stake in the company for some 22 million euro ($26.9 million).
($ = 0.816427 euro)