Napred Razvoj has moved closer to full ownership of Energoprojekt Holding after increasing its stake, together with related parties, to 90.21%, enabling the compulsory acquisition of remaining minority shares. The ownership threshold was reached after the Republic of Serbia sold its 33.89% stake in Energoprojekt through a takeover offer priced at RSD452.25 per share. The transaction generated estimated proceeds of approximately RSD1.66 billion, equivalent to around €14 million, and allowed Napred Razvoj to exceed the statutory 90% ownership requirement.
Squeeze-out process advances after shareholder approval
An extraordinary shareholder meeting held on 30 July marked the final corporate step before the remaining 9.79% minority stake can be acquired at the same takeover price. The purchase of the remaining shares is estimated to require approximately RSD480 million. The takeover offer values Energoprojekt’s total equity at around RSD4.9 billion, or approximately €41.8 million.
Valuation contrasts with previous market levels
The implied valuation compares with Energoprojekt’s consolidated annual revenue of around RSD10 billion and net profit of approximately RSD1.3 billion. The company’s asset structure, related-party arrangements and future development requirements limit direct comparisons based only on earnings multiples.
The current offer price is less than one-third of the RSD1,501 per share level paid during the 2017 battle for control of Energoprojekt. While the earlier transaction price does not necessarily represent the company’s current fair value, the comparison highlights the significant decline in the market valuation of the listed engineering group.
Delisting changes position on Belgrade capital market
The expected delisting will remove one of the historically significant engineering companies from the Belgrade stock market, which already faces limited free-float availability and low trading liquidity. For Napred Razvoj, private ownership provides a simpler structure for potential restructuring activities and the future development of Energoprojekt’s real-estate assets.
For Serbia’s capital market, the transaction further reduces the number of investment opportunities available to public-market investors and highlights the limited role of stock exchange listings as long-term channels for corporate financing.
