Energoprojekt shareholders take legal action

Energoprojekt Holding's small shareholders announced they would file charges over an alleged stock market scam.

Izvor: EM Online

Wednesday, 13.06.2007.

17:41

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Energoprojekt shareholders take legal action

The chairman of the Association of Small Shareholders, Zoran Simić, said they filed the lawsuit because after numerous appeals to all relevant state institutions, they did not receive an official reply regarding who was behind the knocking down of Energoprojekt share prices in March.

Simić said the Supreme Court should also urgently bring a verdict to the lawsuit filed by Swiss company Comfitrade, one of the shareholders in Energoprojekt, who are contesting the company’s recapitalization and conversion of subsidiary company shares into Energoprojekt Holding shares at the end of last year.

The small shareholders previously accused Comfitrade of taking part in an attempt of hostile takeover early this year.

Simić said that around 9,000 small shareholders, who together own 38 percent of Energoprojekt equity, are willing to form a majority package with the state and sell on the stock market or via a tender.

He said the small shareholders learned that a prospectus for the sale of 1.6 million state-owned shares of Energoprojekt was signed in April, but the procedure was halted by Prime Minister Vojislav Koštunica, which effectively stopped the company from being taken over at a lower price.

Simić added that 33.5 percent equity or 2.9 million shares of Energoprojket Holding were in state ownership after the recapitalization in December of 2006.

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