In line with its regional growth strategy, on July 16, 2025, MVM Zrt. signed a share purchase agreement with the Serbian Maneks Group to increase its stake in Energotehnika Južna Bačka and Elektromontaža Kraljevo from 33.4% to 60%. The transaction marks another significant milestone in the expansion of MVM Group’s presence and portfolio in Serbia.

Strengthening its position in the Serbian energy market is one of MVM Group’s key strategic objectives in the region. In addition to a favorable market environment and ongoing privatization processes, Serbia’s geographical location holds strategic importance, offering a natural entry point for MVM’s further expansion into other Balkan countries.

Energotehnika Južna Bačka and Elektromontaža Kraljevo are among Serbia’s leading energy construction companies, boasting decades of experience and an impressive track record. MVM Group acquired a minority stake in the companies in 2022, which already represented a major step forward in the implementation of its regional growth strategy. This move significantly strengthened MVM’s presence in Serbia and the Western Balkans, enabling the company to actively participate in some of the region’s largest energy infrastructure projects—such as power plant reconstructions, renewable energy developments and smart meter installations—thus contributing to the energy transition and a more sustainable future.

Following the 2022 transaction, both companies saw a substantial increase in revenues and profitability. Leveraging the call option granted in the earlier agreement, MVM Zrt. decided to further increase its ownership stake. Upon receiving the necessary approvals from the competition authorities, MVM Group will become the majority shareholder and continue its cooperation with its Serbian partner with the shared goal of positioning the companies as leading energy contractors in the region.

The transaction is expected to close in the third quarter of 2025.