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Serbia's Energoprojekt to squeeze out minority owners in Energoprojekt Entel

Author Radomir Ralev
Serbia's Energoprojekt to squeeze out minority owners in Energoprojekt Entel Source: Energoprojekt Holding

BELGRADE (Serbia), August 13 (SeeNews) - Serbian blue-chip civil engineering group Energoprojekt [BEL:ENHL] has launched a squeeze-out of the 15,484 shares in the capital of Energoprojekt Entel [BEL:EPEN] it does not own yet, Energoprojekt Entel said on Tuesday. 

The shares will be purchased at a price of 13,461 dinars ($128.2/114.4 euro) apiece, equal to the price which Energoprojekt paid to increase its stake in Energoprojekt Entel to 96.34% from 86.31% in a buyout bid completed in July, the company said in a filing with the Belgrade Stock Exchange.

The squeeze-out will be completed in a period of two days after the bourse filing, Energoprojekt Entel said.

According to Serbia's Companies Law, shareholders who own at least 90% of the capital of a company may launch a compulsory squeeze-out of minority owners who have not accepted the buyout offer.

Last month, Energoprojekt purchased 42,355 Energoprojekt Entel shares at a price of 13,461 dinars apiece. After the completion of the buyout bid, which expired on July 15, Energoprojekt holds 407,011 Energoprojekt Entel's shares.

Energoprojekt Entel's shares last traded on August 2, when they closed flat at 13,000 dinars, according to data from the Belgrade Stock Exchange.

(1 euro = 117.709 dinars)

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