April 20 (SeeNews) - Serbia's Securities Commission said it has requested civil engineering group Energoprojekt [BEL:ENHL] to launch a takeover bid for its subsidiary Energoprojekt Oprema [BEL:ENOP].
Energoprojekt is obliged to apply for the launch of a takeover bid for Energoprojekt Oprema within 30 days, as during this period its voting rights in the subsidiary will remain blocked, the Securities Commission said in a bourse filing on Thursday.
The reason for the decision is that Energoprojekt'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.
Energoprojekt Holding owns a 67.87% stake in the capital of Energoprojekt Oprema, according to data from the Belgrade Stock Exchange.
In January, the Securities Commission blocked the voting rights of Energoprojekt in Energoprojekt Oprema, following an application submitted by minority shareholders of the unit who accused the owner of Napred Razvoj, Dobroslav Bojovic, of attempting to take control of the company by changing its management instead of acquiring the outstanding shares.
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 ($27.1 million).
($ = 0.8131 euro)