Hungarian state-owned energy company MVM Zrt., which signed an agreement in July to acquire shares from Serbian Maneks Group to increase its stake in Energotehnika Južna Bačka and Elektromontaža Kraljevo from 33.4% to 60%, has successfully completed the transaction, the Group announced.
Following approval from the relevant competition authorities, the transaction was finalized on September 30, marking another significant step in expanding MVM Group’s presence and portfolio in Serbia, the statement said.
The company emphasized that strengthening its position in the Serbian energy market is a key strategic goal for MVM Group in the region. In addition to favorable market conditions and ongoing privatization processes, Serbia’s geographic location provides a strategic gateway for further expansion into other Balkan countries.
The statement noted that Energotehnika Južna Bačka and Elektromontaža Kraljevo are among Serbia’s leading energy construction companies, with decades of experience and strong track records. MVM Group initially acquired a minority stake in these companies in 2022.
Since the 2022 transaction, both companies have recorded significant revenue and profitability growth, the announcement concluded.
