August 21 (SeeNews) - Serbia's Securities Commission said it has rejected the application of Napred Razvoj company to launch a takeover bid for a minority stake in Energoprojekt Entel [BEL:EPEN], a unit of local blue-chip civil engineering group Energoprojekt [BEL:ENHL].
Napred Razvoj has attempted to harm the other shareholders in Energoprojekt Entel by setting the fair value of their shares at 11,266 dinars, well below the correct price of 20,482.75 dinars, the Securities Commission said in a statement last week.
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Napred Razvoj, owned by Serbian entrepreneur Dobroslav Bojovic, filed on June 30 an application to launch a takeover bid targeting 57,839 shares in Energoprojekt Entel, or 13.69% of the company's capital.
Earlier in June, Napred Razvoj said it has successfully taken control of 52.1% of Energoprojekt's share capital after acquiring a further 16% stake in the company for some 22 million euro ($25.9 million).
As of December 31, 2016, Energoprojekt owned a 86.26% stake in the capital of Energoprojekt Entel, according to the financial report of the company posted on the website of the Belgrade Stock Exchange.
In August, Napred Razvoj said it plans to launch takeover bids for minority stakes in two other subsidiaries of Energoprojekt, namely Energoprojekt Industrija and Energoprojekt Oprema.