The decision on the compulsory purchase of the remaining shares of Enegroprojekt should be made at the extraordinary session of the Assembly of this company on July 30.
A company that once worked all over the world and the largest construction works in the former SFRY, among which it is the only existing reversible hydroelectric power plant in Serbia "Bajina Bašta", 90 percent went into the hands of the private company Napred Development at the beginning of July 2026, because the state, as the owner of a third of the shares, agreed to sell its share at, according to experts, an extremely low price of 452,3 dinars.
In this way, the once largest domestic construction company will probably be pushed out of the Belgrade Stock Exchange, and because of this financial structure, Napred will be able to build a two-decade-delayed project for the construction of a business-residential complex in one of the most attractive locations in New Belgrade in Block 26, i.e. across the street from the building SIV.
From 1500 to 450 dinars for the action
The decision for the state to sell its stake in this company was opposed by some experts. Thus, the expert in brokerage Branislav Jorgić told the media at the beginning of July that the decision of the Serbian state to sell its package of shares of about 34 percent in Energoprojekt to Dobroslav Bojović was wrong. Bojović is the owner of Napred development, which since 2017, together with related companies, has a controlling stake of 55,6 percent in that construction company.
According to Jorgić, the state should have taken over Energoprojekt by buying the shares and become the 100% owner.
If the state, as he said, for reasons unknown to him, decided to get out of ownership in Energoprojekt, it should have done so nine years ago when the share price was 1.501 dinars, and not now when Bojović offered 452,3 dinars, so the state lost about 32 million euros by selling its share.
"Instead of selling, which is a wrong decision, the state should have taken over Energoprojekt by buying shares. I don't know why they did that, I don't believe that 14 million euros is an amount that can support the budget, because if there are problems in the state coffers, they are much bigger, 14 million euros is small money," Jorgić told the Beta agency.
Even a year ago, dissenting shareholders were offered to sell their shares at a price of 429,57 dinars, which stock market experts assessed as low, Forbes wrote. The price, which is only a tenth of a dinar higher now, also, many believe, does not reflect the real value.
"The question is why the state sold at such a low price without trying to get a little more money for those shares," Nenad Gujaničić, Momentum's chief broker, told Forbes.
Attractive land and allegations of irregularities
The saga of the joint construction of a complex on plots in New Belgrade in block 26 is almost three decades old, Forbes wrote. Then Energoprojekt and Napred started an agreement on joint construction on these very plots. Informed sources of Forbes Serbia say that Dobroslav Bojović's intention to once take ownership of Energoprojekt was inspired by the aforementioned location.
The financial results of Energoprojekt since the majority package of shares is in the hands of Bojović's companies are drastically worse. For the sake of illustration, the consolidated balance sheet of this company shows that the net profit is 50 times smaller in 2024 compared to 2016. So, in the year preceding the acquisition of the majority package by Napred and Bojović.
The owner of BDD Tezoro broker, one of the largest small shareholders, Zoran Đerković was a member of the Supervisory Board of Energoprojekt from July 2020 to September 2021, and he says for "Radar" that by analyzing trading on the stock market, he established that Napred's offer was preceded by insider trading, "order matching".
The goal of those manipulations was to determine the most favorable price for the bidder, to create the illusion that the shares are liquid, because otherwise, their value would have to be assessed before making a takeover offer.
Isource: Biznis.rs/Forbs/Radar
Real journalism costs money, and we will not be bought by tycoons and corporations. Support us with a one-time or monthly donation. The time for it is now!
