The story surrounding the change of ownership at Energoprojekt has taken a new twist.
The Administrative Court has upheld a lawsuit filed by the former management of Energoprojekt Holding, overturning the 2017 decision by the Securities Commission that permitted Napred Razvoj and its affiliated companies to launch a takeover bid for shares in the former construction giant. The outcome of that offer was the acquisition of majority ownership in Energoprojekt, reports Forbes Serbia.
Officially, the case has been referred back to the Commission for a new decision, effectively rendering its 2017 authorisation illegal.
This marks the culmination of a nine-year dispute initiated against the Commission back in 2017 by Energoprojekt’s former Chief Executive, Vladimir Milovanović, and Legal Affairs Director, Jovan Nikčević. In the meantime, major changes have taken place, as Napred and its associated firms became majority owners of Energoprojekt. A month ago, they also acquired the state-owned stake, taking their holding to 90 per cent – along with the opportunity to acquire the entire company through a compulsory buyout (squeeze-out).
The Administrative Court’s ruling, which Forbes Serbia has inspected, was delivered on 26 June this year. It was served to the parties in the proceedings a few days ago. Whether this ruling served as the “motive” behind the government’s decision three days later to sell its stake in Energoprojekt at a price three times lower than it could have fetched back in 2017 remains unknown for now.
Interestingly, this represents a complete reversal of stance by the Administrative Court. The court initially dismissed Milovanović and Nikčević’s lawsuit to overturn the Commission’s ruling in 2023. However, the duo appealed to the Supreme Court, which ruled in their favour in June 2025 and quashed the Administrative Court’s original decision.
Acting upon the Supreme Court’s verdict, the Administrative Court has now revised its earlier position. It found the lawsuit to be well-founded and annulled the Commission’s decision. Formally, the takeover case is back at square one, raising the question of what happens next – especially given that the share buyout transactions have long since been completed.
As a reminder, the takeover of Energoprojekt began in early 2017, when the aforementioned companies acquired as much as 35 per cent of the construction firm through stock market purchases.
It was only in mid-2017 that the Securities Commission established that Napred Razvoj, Montinvest, Jopag, and GP Napred were not independent buyers but, as stated in the rationale, “persons acting in concert”.
The Commission ordered them to submit an application to launch a takeover bid, as acquiring such a substantial holding meant they had crossed the legal threshold requiring them to do so. In early July – specifically on 7 July 2017 – their application was approved. Following the publication of the offer, they bought up a portion of Energoprojekt’s shares at a price of 1,501 dinars each, securing majority control.
(Danas, 29.07.2026)