The Hungarian state-owned power utility, MVM, has become the majority owner of Energotehnika – Južna Bačka from Novi Sad and Elektromontaža from Kraljevo. Energotehnika – Južna Bačka and Elektromontaža are privately-owned companies providing a wide range of products and services in the energy sector, primarily in Serbia. MVM is the leading producer, distributor, and supplier of electricity and natural gas in Hungary.
According to local media reports, MVM signed an agreement with Serbian company Maneks Group to acquire a 60% ownership stake in its subsidiaries Energotehnika – Južna Bačka and Elektromontaža. The Hungarian company already owned 33.4% of both firms prior to this transaction.
Zbiljić: Maneks Group’s Vision Is to Operate on the EU Market.
Dragoljub Zbiljić, owner of Maneks Group, expressed satisfaction with the continued partnership with MVM, emphasizing that the company’s long-term vision is to operate within the European Union market.
Károly Tamás Mátrai, CEO of MVM, stated that the transaction represents a significant strategic step for the company. By moving from minority to majority ownership, MVM has reached a much higher level of cooperation with Serbia, he added.
Mátrai: The Two Companies Are Key to Energy Infrastructure.
Mátrai emphasized that both companies play a key role in the development of energy infrastructure and noted their strong reliability. He expressed confidence that, in cooperation with their management, MVM can contribute to Serbia’s continued success in the energy sector. MVM initially acquired the 33.4% stake in these Serbian companies in March 2022. Even prior to that, the company had identified Serbia as a strategic base for expansion into the markets of Bosnia and Herzegovina, Montenegro, North Macedonia, and Bulgaria.
Regarding Serbia specifically, in June 2023, MVM and Srbijagas signed an agreement to establish a joint venture for gas trading. The company, named SERBHUNGAS, will be headquartered in Novi Sad.
Serbia and Hungary are also working together on the construction of a new power transmission line and the first joint oil pipeline between the two countries.
Source: Balkan Green Energy News