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Serbia's Energoprojekt to launch buyout bid for subsidiary Entel

Author Radomir Ralev
Serbia's Energoprojekt to launch buyout bid for subsidiary Entel Source: Energoprojekt Holding

BELGRADE (Serbia), May 29 (SeeNews) - Serbian blue-chip civil engineering group Energoprojekt [BEL:ENHL] plans to launch a buyout bid for the 13.69% stake it does not already own in its subsidiary Energoprojekt Entel [BEL:EPEN].

Energoprojekt aims to purchase a total of 57,839 Energoprojekt Entel shares, the company said in a filing with the Belgrade Stock Exchange earlier this week without disclosing its potential price offer.

In April 2018, Energoprojekt also announced intentions to launch a buyout bid for Energoprojekt Entel but did not make an offer.

Napred Razvoj, owned by the incumbent president of Energoprojekt, Dobroslav Bojovic, took control of 52.1% of Energoprojekt's share capital after acquiring a 16% stake in the company for some 22 million euro in June 2017.

Energoprojekt Entel's shares last traded on May 23, when they closed flat at 14,084 dinars ($133.3/119.4 euro), according to data from the Belgrade Stock Exchange.

(1 euro = 117.980 dinars)

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