Following its recently announced acquisition offer, Obrenovac-based transportation company Strela has made it clear that it intends to become the sole owner of Lasta. The Obrenovac carrier, which currently holds 16.7% of Lasta’s shares, is now prepared to acquire the remaining 83.2%.
The majority of the remaining shares are held by the Shareholders’ Fund, which owns 29.7%. The Serbian government owns 13.7%, while the Pension Insurance Fund holds 7.8%. The National Employment Service possesses 2.7%, the National Health Insurance Fund owns 2.6%, and the municipalities of Stara Pazova and Inđija hold small shares of 0.38% and 0.27%, respectively. The full list of shareholders is much longer, with 5,882 shareholders as of the end of 2014.
Value of shares
To become the sole owner of the well-known transport company, Strela needs to acquire 1,914,306 shares. Yesterday, these shares were trading on the Belgrade Stock Exchange at a price of 504 dinars. If Strela offers this price, and shareholders agree to sell, the company would pay approximately 964.8 million dinars for the remaining 83.2% of Lasta.
However, the law mandates that Strela must offer the highest price based on the estimated value of the shares, their book value, or the price at which the majority shareholder previously acquired shares.
The lowest share price in the last 52 weeks was recorded on March 20, 2024, at 270 dinars. The highest was 600 dinars in June of the previous year. The book value of a share is 1,296 dinars.
Lasta’s declining revenues
What is the current state of Lasta? The recently published financial report for 2024 provides some answers. The company ended the year with a loss of 1.39 billion dinars, up from 566.7 million dinars the previous year.
Last year, Lasta’s revenues amounted to 7 billion dinars, approximately half a billion less than the previous year. At the same time, its expenses increased from 8.1 billion to 8.4 billion dinars.
Lasta’s long-term liabilities stand at 1.7 billion dinars, a decrease of 100 million from the previous year. However, its short-term liabilities rose by a billion dinars, reaching 6.4 billion dinars.
According to the financial report’s notes, Lasta employed 1,818 people and owned 911 buses by the end of 2024. The company also owns two subsidiaries: SP Lasta Banja Luka and Lasta Montenegro.
Increased land value
Lasta’s asset value at the end of 2024 was higher than the previous year. Its fixed assets were valued at 8.9 billion dinars, up from 8.3 billion dinars. A significant increase in land value is noted, as land near the highway, including the company’s headquarters, was converted from usage rights to full ownership. The value of the land has risen from 380 million dinars to 1.1 billion dinars. The value of the company’s buildings is 1.4 billion dinars, while its equipment and installations are valued at 6.1 billion dinars.
Lasta owns 11 bus stations, four of which are in the suburban areas of Belgrade: Sopot, Mladenovac, Barajevo, and Obrenovac. Additionally, the company has stations in Inđija, Stara Pazova, Valjevo, Smederevska Palanka, Prokuplje, Lajkovac, and Smederevo. According to cadastral records, Lasta owns the land and station buildings in most cases.
Decline in suburban transport
In 2024, Lasta transported about 3% fewer kilometers in urban-suburban transport, leading to a 5% decline in revenue from this segment. This decrease could worsen in 2025, as the Belgrade City Assembly approved the mutual termination of a contract with the transport consortium that includes Lasta. Since the termination is mutual, Lasta and other members of the consortium still have the right to participate in a new tender.
The change in Lasta’s ownership began in late February 2024 when the City of Belgrade secretly sold 11.47% of its shares to an undisclosed buyer, likely the Obrenovac carrier. Confirmation came in Strela’s financial report for 2023, which showed they began purchasing shares in Lasta that year. By the time the intent to acquire the remaining shares was announced, Strela officially registered as a shareholder of Lasta.
State’s position on ownership
The state remains the majority shareholder in Lasta, but its intentions have been unclear. Lasta was previously listed among companies scheduled for privatization, but this status changed early this year. The Ministry of Economy’s website currently indicates that no call for privatization is forthcoming, as efforts to reorganize the company are still underway.
Strela’s business performance
The financial report for Strela, the potential buyer, shows that the company achieved total revenues of 7.1 billion dinars in 2024, nearly five billion more than in 2023. Their profit increased by 250%, from 250.5 million dinars to 877.2 million dinars. Strela employed 695 people, an increase of 160% from the previous year.
