A subsidiary of Bosnian power utility ERS –“Hidroelektrane na Trebisnjici” (HET) plans to recapitalize by issuing shares worth as much as
223 million euros, which is some 25 million euros more than the current total value of the company’s share capital.
According to experts, the recapitalization of HET, which is planned by selling shares on the Banja Luka Stock Exchange, effectively means the privatization of that company. According to unconfirmed information, Serbia, through its power utility EPS, is interested in buying shares, which would take control of one of the most profitable parts of ERS.
This sale of shares means the privatization of the company, the ownership structure is changing, more shares are being issued than HET currently has. If someone buys all offered shares, he has a majority package, which means privatization, without a decision of the National Assembly of the Republic of Srpska (RS). There are no restrictions in the recapitalization decision, i.e. that someone cannot acquire more than 10 % of shares, which means that one company or an individual can buy the entire issue of new shares.
The selling price of shares for shareholders who exercise the right of first refusal is 0.15 euros per share. The decision on the recapitalization will be on the agenda of the next shareholders’ meeting scheduled for 21 January.
HET recorded a net profit in the amount of 2.5 million euros in the first half of 2021. HET operates HPPs Trebinje 1 and 2, pump-storage
HPP Capljijna and shares production of HPP Dubrovnik with Croatian HEP.
ERS owns 65 % of HET’s shares, RS Pension Fund owns 10 % and the remaining 25 % is held by small shareholders.
