Energoprojekt shares to leave Belgrade Stock Exchange

The shareholders’ assembly of Energoprojekt Holding adopted a decision on October 27, 2026, at its 62nd extraordinary session, to remove the company’s shares from the regulated market of the Belgrade Stock Exchange, from its Open market segment. As a result, the company ceases to be a public joint stock company. The report from the session was published on the website of the Belgrade Stock Exchange.

The decision was unanimous. The votes were cast by Napred Razvoj, GP Napred, Montinvest Properties, Jopag AG and Dobroslav Bojovic, who according to the document act in concert. Energoprojekt has 10,833,592 ordinary shares with a nominal value of 514.6 dinars each.

Which conditions for delisting were met?

The decision cites three conditions as the basis for delisting:

• the company has fewer than 10,000 shareholders
• trading in the shares in the three months before the assembly was convened was below 0.5 percent of all issued shares
• in at least one month of that period, trading was below 0.05 percent of issued shares

The previous step was a squeeze-out. The squeeze-out decision was registered on August 3, 2026, and Napred Razvoj bought the remaining shares on September 28. After delisting, Energoprojekt becomes a non-public joint stock company and is struck from the Register of Public Companies kept by the Securities Commission.

What changes for the market?

Bloomberg Adria reports that the decision was expected and that the company no longer has to publish its financial results publicly. The share has not moved from its price of 463 dinars since September 9. The BELEX15 index, despite its name, stays at eight members after Energoprojekt leaves.

Biznis.rs assessed as early as October 7, when the assembly was scheduled, that withdrawal from the exchange completes the consolidation of ownership, but raises questions about the protection of minority shareholders, the transparency of management and a further narrowing of choice on the domestic capital market.

How did Napred Razvoj reach 90 percent?

The consortium led by Napred Razvoj, a company owned by Bojovic, announced at the end of April its intention to take over 44.39 percent of the shares. Bloomberg Adria states that the offered price was 425.25 dinars per share, while Biznis.rs says the assembly approved the squeeze-out on July 30 at 452.25 dinars. The two figures differ and neither source explains the gap, so both are reported here with their sources. The 2017 offer was 1,501 dinars per share, so this one was at least three times lower.

The Serbian government, as the largest minority shareholder, sold its 33.89 percent stake. That took the consortium to 90.21 percent, past the 90 percent threshold required for a squeeze-out.

The process did not go without hitches. After nine years of litigation, the Administrative Court annulled the 2017 decision of the Securities Commission that had approved the Napred Razvoj offer. The lawsuit was filed in 2017 by former executives Vladimir Milovanovic and Jovan Nikcevic. In mid-August the Commission temporarily suspended the registration of the squeeze-out and, according to Bloomberg Adria, is still deciding on the matter. The ruling, according to the same source, has no effect on the transactions completed so far.

How has the company been doing?

Energoprojekt’s net profit in the first six months of 2026 was 70 percent lower than in the same period of 2025. Revenue from products and services on the domestic market fell 80 percent. Bloomberg Adria analyst Silvana Milic said earlier that the drop in total revenue was partly the result of a high base from last year, but that the first-half results point to a marked deterioration in the profitability of the core business.

How did control come about earlier?

Napred Razvoj built up its shares over years. It gained official control in 2017, when it bought 17 percent of the shares and raised its stake to 55.61 percent, amid controversy over trading between related parties. Before that it held 24.5 percent, while the affiliated Montinvest Properties and Jopag held 5.17 and 5.12 percent. At the end of 2024 it attempted another takeover at 375 dinars per share and bought only 0.1 percent.

Energoprojekt was founded in 1951. It built the Djerdap and Bajina Basta hydroelectric plants, the Nikola Tesla thermal power plant and the Belgrade Arena.