Small shareholders asking for distribution of RSD 657 million of profit of Energoprojekt Entel and Industrija

Small shareholders of Energoprojekt Entel and Energoprojekt Industrija, subsidiaries of Energoprojekt Holding, asked on Wednesday, May 23, 2018, for these two companies to pay undistributed profit to shareholders as dividend.

In Entel's case, the sum amounts to RSD 500,656,575, or RSD 1,185 per share, and in Industrija, it's RSD 157,848,000, or RSD 800 per share.

Small shareholders of Entel say in the explanation of the proposition sent to the company's board of directors that dividend has been paid for the past dozen years and add that “the proposition for Energoprojekt Entel not to pay dividend for 2017 is malicious”.

A total of 86.2% of Entel's shares belong to Energoprojekt Holding, but the company doesn't have voting rights, as per a decision of the Securities Commission. Energoprojekt Holding owns 62.8% of Industrija's shares, but the voting rights are also suspended by the Securities Commission, as are those of Utma Komerc for 0.8% of the shares. The latter company belongs to Dobroslav Bojovic, the majority owner of Energoprojekt Holding. If the propositions by minority shareholders end up on the agenda, it is likely that they will be adopted, as the majority shareholder doesn't have the right of vote.

Last June, the consortium of companies gathered around Dobroslav Bojovic took over Energoprojekt Holding, but he hasn't provided valid offers for acquisition of dependent companies since then, which he is obliged to do by law.

The price of a share in Entel is RSD 13,803, but the shares haven't been significantly traded at the stock exchange in the past months, whereas a share in Industrija costs RSD 3,700 and hasn't been traded this year.

Energoprojekt Holding a.d. Beograd

Energoprojekt Entel a.d. Beograd

Energoprojekt industrija a.d. Beograd

Utma Comerc d.o.o. Beograd

Komisija za hartije od vrednosti Republike Srbije Beograd

small shareholders of Energoprojekt

shares of Energoprojekt Entel

shares of Energoprojekt Industrija

undistributed profit of Energoprojekt

Dobroslav Bojovic

Securities Commission

securities

Energoprojekt shareholders

Energoprojekt Entel shareholders

Energoprojekt Industrija shareholders