Serbia is putting minority stakes in 10 companies up for sale through the Belgrade Stock Exchange, including a 15.003% holding in aluminium producer Impol Seval, as the state moves to dispose of remaining corporate interests. The Economy Ministry said the shares held through Serbia’s Share Fund cover companies operating across manufacturing, pharmaceuticals, engineering, transport and real estate. The largest and most significant holding among the offered assets is 141,371 Impol Seval shares, representing 15.003% of the company.
Impol Group holds controlling position
Slovenia’s Impol Group currently owns 70% of Impol Seval, while the state is offering its remaining minority position through the market. At a closing price of RSD 5,565 per share, the state-owned block had an indicative market value of approximately RSD 787 million, equivalent to about €6.7 million. At the same share price, Impol Seval’s total market value would be around RSD 5.24 billion, or approximately €44.7 million. The market-based figures represent indicative valuations and do not necessarily establish the final price for the offered stake.
Impol Seval remains an industrial export asset
Based in Sevojno near Užice, Impol Seval manufactures rolled aluminium products, including sheets, strips and coils, as part of Slovenia-based Impol’s European aluminium-processing network. The company serves international customers and forms part of Serbia’s higher-value manufacturing export base, linking its operations to demand from European industry. The state’s minority holding therefore represents a remaining public interest in an established industrial manufacturer following Serbia’s earlier privatisation processes.
An acquisition by Impol would increase the Slovenian group’s ownership to approximately 85%. The alternative would be for the offered block to be acquired by other investors. A purchase by the controlling shareholder would further concentrate ownership, while acquisition by institutional or financial investors could increase the effective free float of a company included in the BELEX15 benchmark index.
Block sale could affect Belgrade market liquidity
The disposal comes against a backdrop of declining activity on Serbia’s equity market, as companies leave trading, strategic shareholders consolidate ownership and squeeze-outs reduce the number of securities available to investors. Offering a substantial block in an established industrial exporter through the organised market provides an opportunity for investors to acquire a significant position in a Serbian listed company. The transaction could also provide an indication of domestic and foreign demand for Serbian industrial equities when a sizeable stake becomes available.
Although a €6 million to €7 million block is modest by regional institutional-investment standards, it is sizeable compared with typical trading volumes on the Belgrade Stock Exchange. The method of disposal could therefore influence both price formation and subsequent ownership. A transaction involving several investors could broaden the shareholder base, while a purchase by the existing controlling shareholder would reinforce the concentration of ownership among Serbian listed companies.
Economy Ministry offers stakes in 10 companies
The other holdings included in the sale comprise stakes in Medifarm, BAG, Termovent SC and Zlatarplast, alongside interests in other companies, bringing the total number of companies covered by the offering to 10. Many of these positions stem from Serbia’s earlier privatisation process, when shares were transferred to state institutions or remained under public ownership following restructuring. The sales form part of the disposal of the government’s residual corporate portfolio rather than a new large-scale privatisation programme.
For the state, the proceeds are expected to be limited in relation to the overall Serbian budget. The transactions instead involve returning minority equity positions to private investors in companies where the government retains such holdings. The Impol Seval stake is the largest of the offered positions, with the RSD 787 million indicative market value based on the applicable closing price.
