Energoprojekt Approves Squeeze-Out at 452.25 Dinars
Shareholders voted to buy out the remaining 1,060,273 shares at 452.25 dinars, nine percent below the 497-dinar market price. A delisting from the Belgrade Stock Exchange follows.
An extraordinary shareholder meeting of Energoprojekt Holding voted on Thursday, July 30, 2026, to force out the company’s remaining minority owners: 1,060,273 shares will be bought at 452.25 dinars apiece, a package worth roughly 479.5 million dinars (~4.1 million euros). The stock closed the same session on the Belgrade Stock Exchange at 497 dinars, nine percent above the price the departing holders will be paid.
That 452.25-dinar figure is not new. It is the same price used in the tender offer, so the squeeze-out simply extends the offer to everyone who declined it. Market capitalisation at the time of the vote stood at about 5.4 billion dinars (~46 million euros).
A consortium holding 90.21 percent
The consortium built around Napred razvoj owns 9,773,319 ordinary shares, or 90.21 percent of Energoprojekt’s capital. Alongside Napred razvoj, it includes:
- GP Napred
- Montinvest Properties
- Jopag
Napred razvoj is owned by Dobroslav Bojovic. The 90 percent threshold that unlocks a compulsory buyout was crossed in early July, after the Serbian state sold its stake of roughly one third of the shares at 452.3 dinars each.
That sale is still being argued over in the market. “The question is why the state sold at such a low price”, said Nenad Gujanicic, chief broker at the brokerage Momentum. Branislav Jorgic, a brokerage expert, questioned what the proceeds actually buy: “I do not believe that 14 million euros is an amount that can patch up the budget”.
The 2017 approval annulled in court
Napred razvoj and its affiliated firms have held a controlling block in Energoprojekt since 2017, when the stake stood at 55.6 percent. That acquisition now carries a legal problem: the Administrative Court annulled the 2017 decision of the Securities Commission that had cleared the original purchase.
The case was brought by former executives Vladimir Milovanovic and Jovan Nikcevic, who argued that the required approvals were missing. Thursday’s buyout decision was taken separately from that dispute, resting on the ownership stake that has since grown past the statutory threshold.
What do minority shareholders get?
Cash, and no alternative. Holders of the 1,060,273 shares will be paid 452.25 dinars each, whatever price they bought in at and with no option to stay invested.
Against earlier valuations the sum looks thin. The reference price of an Energoprojekt share nine years ago was 1,501 dinars, which puts the squeeze-out price 69.9 percent lower. The short-term trend points the same way: after the July takeover the share fell 11.5 percent, to 460 dinars.
The company leaving the exchange is profitable
Energoprojekt booked 9.9 billion dinars in consolidated revenue (~84.5 million euros) in the last business year and 1.3 billion dinars in net profit (~11.1 million euros). Set against a 5.4 billion dinar capitalisation, the market was valuing the whole company at slightly more than four years of net profit.
Once the payout is completed, the shares are expected to be delisted and the company converted into a limited liability company. Luka Beograd and NLB Komercijalna banka took the same route, so Energoprojekt becomes the third case in one pattern: ownership concentration, tender offer, squeeze-out, exit from the public register.
For the exchange itself, this removes another name with a long trading history from an already thin basket of domestic equities. The next step is the formal decision striking the shares from the listing, after which Energoprojekt drops the quarterly reporting duty that investors have followed for years.
