The Belgrade Stock Exchange has removed engineering and construction group Energoprojekt Holding from its leading equity indices following the completion of a takeover that transferred the remaining minority shares to controlling shareholder Napred razvoj.
The exclusion from both the BELEX15 and BELEXLine indices marks another reduction in the number of publicly traded companies represented in Serbia’s capital market. The ownership consolidation followed several transactions through which construction company Napred razvoj increased its stake in Energoprojekt beyond 90%.
A key step was the Serbian government’s sale of its 33.8% holding, which enabled Napred razvoj and related parties to strengthen their combined ownership position. The state sold its shares at RSD 452.25 apiece, equivalent to approximately €3.86.
Compulsory Acquisition Completes Transfer of Minority Shares
Energoprojekt shareholders approved the compulsory acquisition of the remaining shares. The process subsequently encountered regulatory complications following intervention connected to a court ruling concerning an earlier takeover approval.
The Securities Commission temporarily suspended registration of the squeeze-out procedure before the transaction was eventually completed.
Under the compulsory acquisition, Napred razvoj purchased approximately 1.06 million outstanding shares, representing around 9.8% of Energoprojekt’s share capital. The acquisition was conducted at the same price of RSD 452.25 per share applied in the earlier state transaction.
Energoprojekt shareholders subsequently approved the company’s delisting, completing the process of withdrawing its shares from public trading. Certain minority shareholders and market professionals have questioned aspects of the earlier takeover valuation and trading activity. These concerns remain distinct from established findings of market manipulation.
BELEX15 Falls to Eight Constituent Companies
Energoprojekt’s removal leaves the BELEX15 index with only eight constituent companies, reflecting the limited number of businesses maintaining a significant presence on Serbia’s organised equity market. The shrinking listed sector highlights persistent structural challenges, including concentrated corporate ownership, limited share liquidity and a relatively small pipeline of new stock market listings.
For institutional and individual investors, fewer listed companies mean a narrower selection of publicly available equity investments. The withdrawal of an established engineering group also reduces the range of corporate activities represented on the domestic exchange. The Energoprojekt transaction illustrates how ownership consolidation and compulsory acquisitions can eliminate publicly traded shares, particularly when a controlling shareholder acquires the remaining minority interests.
The valuation methodology and protection of minority shareholders are particularly significant in these transactions, especially where limited trading liquidity makes independent assessment of market prices more difficult.
Property Portfolio and Financial Performance After Takeover
Energoprojekt’s future corporate strategy and asset allocation have also attracted attention following the ownership change. In addition to its engineering and construction activities, the group holds property and land assets that may carry significant development value.
Financial figures reported by Biznis i finansije show that Energoprojekt generated approximately €3.7 million in profit during the first half of the reporting year, compared with nearly €12 million in the corresponding period of the previous year.
With the delisting completed and minority shareholders bought out, decisions concerning the group’s engineering operations, property portfolio and future business development will be taken under a closely held ownership structure rather than through a publicly traded company.
