Building company "Napred" to take over "Energoprojekt"?

- Building company "Napred", of which owner is Dobroslav Bojović, has started to take over "Energoprojekt holding" whose market value is about 60m EUR - the source close to the largest building company in the country told "Blic Novac".

Officially, two representatives of "Napred" became the members of the new Administrative Board of "Energoprojekat", which was appointed last week. Unofficially, however, "Napred" has majority in the Administrative Board.

According to the source of "Blic Novac", "Napred" was also backed by four members of the previous administration - Vladan Pirivatrić, the CEO of "Energoprojekat", Ignjat Tucović, the President of the Administrative Board, Svetislav Simović, a member of the Administrative Board, and the Executive Marketing Director, Miodrag Zečević. "Napred" also received support from one independent member of the Administrative Board who work in broker company "MV Investment", owned by Miodrag Kostić.

- All of them backed the proposals of "Napred" during the voting for the members of the Administrative Board of "Energoprojekat" - says the source of "Blic Novac".

Boško Živković and Mirko Vasiljević, the Belgrade University professors, left the Administrative Board, as well as Vladimir Višnjić, former Finance Manager in "Energoprojekat".

This "scenario" indicates that the owner of "Napred" is quite interested in takeover of "Energoprojekat", that is, purchase of total of 33% of the company's capital that is still owned by the state. According to the current prices on the Belgrade Stock Exchange, that share is worth about 20m EUR.

The stockholding association of "Energoprojekat", allegedly close to the management, sent a special letter to the stockholders few days ago and invited them to "defend Energoprojekt from quite takeover", with the comment that "they will not allow a listed company to become a prey of the stockholder who owns 3% of capital".

"Napred", which owns 3.2% of stocks of "Energoprojekat", was buying stocks of the Belgrade-based building giant in March 2009. The stocks were sold by Croatian investment funds, mainly "ZB Invest", at the average price of about 340 RSD. The lowest price of stocks in the last 12 months amounted to 280 RSD, while the highest was 1,883 RSD.

The stockholders of "Energoprojekat" have not voted for the business plan for the next four years at the last assembly. The Administration has not given its opinion about the policy of dividend.

(Note: complete text is taken over from newspaper "Blic" of July 18, 2009)

Napred a.d. Beograd

Energoprojekt Holding a.d. Beograd

M&V investments ad Beograd

Beogradska berza a.d. Beograd

Napred

Energoprojekt

Dobroslav Bojović

Vladan Pirivatrić

Ignjat Tucović

Svetislav Simović

Miodrag Zečević

MV Investment

Miodrag Kostić

Boško Živković

Mirko Vasiljević

Belgrade Stock Exchange

ZB Invest