A new joint venture between Srbijagas and the Hungarian energy company MVM CEEnergy Zrt. Called Serbhungas d.o.o. and it formally came to life by being registered in the Register of Business Entities of the Agency for Business Registers (APR), and the date of establishment was Monday, July 3.
The foundation act, that is, the Agreement on the establishment of the Serbhungas company, was notarized on June 29 of this year, when the registration application was submitted to the APR. The contract was signed by the general director of MVM CEEnergy Zrt. Laszlo Zoltan Fritsch and the manager of long-term sales and supply at MVM Levente Borocz, while on behalf of Srbijagas, General Manager Dušan Bajatović signed.
Serbhungas is registered for the activity of trading gaseous fuels through the gas pipeline network. For the same activity, according to data from the rating agency CompanyWall, only nine other companies are registered in Serbia, one of which is the Public Company Srbijagas, while another is currently in the process of liquidation.
According to the founding act, the basic capital of the joint venture is 23.45 million dinars. Of this, the Hungarian MVM invested 11,959 million dinars in the share capital, thereby acquiring a 51 percent share in the share capital of the company.
Srbijagas registered capital in cash of 11,490 million dinars, which corresponds to a share of 49 percent in the capital of Serbhungas.
“Regardless of the fact that the shares of the members of the company can be percentageally different, in proportion to the value of shares in the basic capital, each member of the company can have only one share. The right to vote of company members, as well as property rights towards the company, including participation in profits and distribution of liquidation residue, is determined in proportion to the share in the share capital at the time of exercise of those rights”, the Founding Act states.
Who are the directors of Serbhungas?
The founding act stipulates that the Serbhungas joint venture has three directors, who are appointed by the Supervisory Board, namely the general and financial director at the proposal of the Hungarian MVM CEEnergy, and the operational director at the proposal of Srbijagas.
A review of the APR data shows that Hungarian citizens Jeno Baronek and Svetlana Đurić (Szvetlana Gyurity) were appointed to the positions of directors, while the third director is Nikola Tomović.
When it comes to the Supervisory Board, the chairman of the supervisory board is Lajoš Butosi, and the members are Leventa Boroc and Emilia Rafajlovic, all with Hungarian passports, while the two members with Serbian citizenship are Blaženka Mandić and Dragan Vučur.
What are the rights and obligations of Serbhungas?
For obligations to third parties, arising as a result of the company’s operations, Serbhungas are liable with their assets, while members of the company are not liable for the company’s obligations, except in cases provided for by law.
The founding act also provides that the basic capital of Serbhungas can be increased by new contributions from existing members, or by a member who joins the company, by converting reserves, company profits or claims into basic capital, by status changes or by converting additional payments into basic capital. The share capital can be reduced by the decision of the Assembly of the company, but not below the legal minimum.
According to the Founding Act, Serbhungas will be financed by income from activities, capital investments of members as well as loans from financial institutions.
By the way, the headquarters of the joint enterprise for gas trade Serbhungas is located in Novi Sad, at the same address as the headquarters of Srbijagas, at Bulevar oslobodenja 69.
The company will use the name SERBHUNGAS limited liability company Novi Sad.
Sign up for business updates & specials.
