(Napred)
The Belgrade-based construction company Napred, which is the fourth largest shareholder of Energoprojekt, has again bought the shares of the largest construction company in Serbia after a long time, thus increasing the stake in the company to 3.28%.
Napred drew the attention of the investment public in the first quarter of 2009 when it bought over 3% of shares of Energoprojekt from the Croatian investment fund ZB Invest at the price of between 350 and 400 dinars per share, which was the lowest value of these shares since the autumn 2004.
Thanks to dispersed ownership and a passive role of the state, which did not have the managerial rights in Energoprojekt at the time, Napred had a large number of people in the Managing Board of that construction company in the period from 2009 to September 2010 although Energoprojekt was practically its only big competitor in the market of Belgrade.
Although much smaller than Energoprojekt, Napred has registered an above-the-average profit in the previous period. In that way, this construction company, run by the majority owner Utma Commerce, registered a business revenue of RSD 3.96 billion in 2009, while its net profit amounted to RSD 1.16 billion.
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