The Supervisory Board of the Serbian power company (EPS) adopted a new statute, paving the way for the company’s transformation from a public enterprise to a closed joint-stock company, said the Serbian Ministry of Mining and Energy.

“The EPS Supervisory Board adopted proposals for changes to the founding act and a new statute with three votes in favor and one abstention, as part of the process of EPS’ transitioning from a public enterprise to a joint-stock company,” said EPS in a press release issued following the adoption of the new statute.

Representatives of the EPS labor union led by Milan Djordjevic and Independence union opposed the adoption of the documents, while it was backed by the representatives of the EPS union led by Branko Krsmanovic.

“The adoption of the Statute is the implementation of the Serbian Government’s Decision and is the first step towards EPS reform that will professionalize the management, while a professional management will lead to more efficient operations and turn EPS into a regional energy giant,” said the Mining and Energy Ministry.