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Dec 22, 2017 13:50 EEST
BELGRADE (Serbia), December 22 (SeeNews) – Serbian blue-chip civil engineering group Energoprojekt [BEL:ENHL] said on Friday its shareholders approved the launch of a buyout bid for the 13.69% stake it does not already own in its subsidiary Energoprojekt Entel [BEL:EPEN].
The decision was taken during the extraordinary shareholders' meeting held on December 12, Energoprojekt said in a filing with the Belgrade Stock Exchange.
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Energoprojekt said in October it aims to purchase a total of 57,839 Energoprojekt Entel shares.
In August, Serbia's Securities Commission rejected the application of Napred Razvoj company, which holds a majority stake in Energoprojekt, to launch a buyout bid for the 13.69% stake in Energoprojekt Entel. The commission said that Napred Razvoj, owned by the incumbent president of Energoprojekt, Dobroslav Bojovic, attempted to harm the other shareholders in Energoprojekt Entel by setting the fair value of their shares at 11,266 dinars ($112.2/94.7 euro), well below the correct price of 20,482.75 dinars.
Energoprojekt Entel shares last traded on December 20, when they gained 4.4% to 16,357 dinars, according to data from the Belgrade Stock Exchange.
(1 euro = 118.908 dinars)
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