Firms To Watch: Commercial, corporate and M&A

Acting for both local and foreign companies, Djokic + Partners' corporate and commercial law practice routinely advises on sizeable transactions in Serbia; the team’s expertise further extends to corporate governance, compliance, contract-related services, and IT sector matters.
The corporate and commercial department at Golubović Simić & Marinković  is led by Danijela Popadic, an adviser to corporations and private equity clients on cross-border transactions; Djordje Simic's wide-ranging expertise encompasses corporate and commercial law, as well as real estate matters.
Law Office Milosevic's corporate, commercial and M&A department is led by name partner Filip Milošević, who assists with M&A deals and due diligence work involving the private equity, TMT, energy, IT, retail, and healthcare sectors.
Corporate law is a core area for Law Office TSG Belgrade, which routinely advises on major M&A transactions, foreign investments, commercial law, and international contracts, as well as corporate governance.

Firms in the Spotlight Commercial, corporate and M&A

Radoicic & Associates Law Office

Radoicic & Associates Law Office logo

Radoičić & Associates Joint Law Office has been operating for many years with its headquarters in Belgrade. In the course of our business, we have achieved successful business cooperation with numerous companies. We successfully provide legal services in all fields of law. Our Law Office is particularly specialized in the fields of Projects and energy; …

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Jusufovic & Partners

Jusufovic & Partners logo

Jusufovic & Partners law firm was created at the beginning of 2018 by a team of experts who have incorporated their long-standing knowledge and experience acquired during their careers in large law firms into independent practice that successfully operates within the Republic of Serbia and the region, in cooperation with domestic and foreign partners.

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Commercial, corporate and M&A in Serbia

BDK Advokati AOD

BDK Advokati AOD‘s M&A team is consistently sought out to advise on high-end regional transactions. The team’s full-service assistance covers commercial contracts, and the compliance and regulatory side to clients’ businesses. The practice is co-led by Tijana Kojović, who is ‘eager to deliver legal solutions that are nuanced and appropriate’; and Vladimir Dašić, whose workload encompasses M&A, MBOs, joint venture investments, carve-outs and divestitures. The department further features Jelena Hrle, who advises on structured asset acquisitions, share deals, and corporate restructurings; and corporate law and M&A practitioner Tomislav Popović.

Practice head(s):

Vladimir Dašić; Tijana Kojović

Other key lawyers:

Jelena Hrle; Tomislav Popović


‘The BDK team as a whole provides timely, precise and very effective legal support in various areas of practice.’

‘Very pleasant to work with.’

‘The BDK team is very professional and provides useful advice on M&A projects. The team is diverse and able to cover all topics from legal, tax and financial angles.’

‘The members of the team have vast market experience and insights – enable clients to gain more trust in the whole process.’

‘The lawyers have high levels of excellence, expertise and commitment.

They make an effort to understand clients’ needs and therefore provide the required advice, which combines international experience and excellent knowledge of the local law.

‘Tijana Kojović is professional, pragmatic and a good listener, who is eager to deliver legal solutions that are nuanced and appropriate.’

‘Vladimir Dašić is extremely pleasant, proactive and responsive.’

Key clients

Sandberg Capital

Catena Media

Medigroup Systems


One Equity Partners

ManPower Group



DHL Express

Froneri Adriatic

Genesis Biopharma

Expo Banka

Francisco Partners


Epam Systems


Telekom Austria

Work highlights

  • Advised Sandberg Capital on its €20m investment in Serbian IT company Quantox Technology, a large regional software development house.
  • Advised Hungarian PE Fund Hodler Asset Management on the acquisition of 45% of shares in SUPERIOR FOODS d.o.o.
  • Acts as exclusive legal services provider to Google in Serbia.

JPM & Partners

JPM & Partners’s full-service corporate practice consistently advises on high-stakes M&A, corporate and commercial law, takeovers, and regulatory issues. The practice also leverages the expertise of its tax, public procurement, and data protection colleagues. A major proportion of the firm’s workload includes multi-jurisdictional transactions. Leading the corporate department, senior partner Nenad Popović is ‘the top choice for all corporate matters‘, while Jelena Gazivoda has longstanding experience in landmark transactions in Serbia and the SEE region. Other names to note are Jelena Stanković Lukić, Nikola Đorđević, Bojana Javorić and Janez Voncina.

Practice head(s):

Nenad Popović; Jelena Gazivoda

Other key lawyers:

Jelena Stanković Lukić; Nikola Đorđević; Bojana Javorić; Janez Voncina; Zivko Simijonovic


‘Attention to detail, fast responses, and they care about their clients.’

‘All complex questions are answered speedily and the advice is of high quality.’

‘Clients get the necessary result quickly and for reasonable and transparent remuneration.’

‘The top choice for all corporate matters is Nenad Popović, an excellent veteran lawyer with longstanding experience and a remarkable track record in the most challenging transactions in Serbia. Clients have full confidence in Nenad.’

‘Jelena Gazivoda – outstanding legal proficiency in a vast range of legal matters, including commercial and corporate work – always a bespoken advice with direct and to-the-point information and recommendations.’

‘Nikola Đorđević – deep academic knowledge and fantastic analytical skills, combined with a perfect understanding of industry practices and specifics.’

‘Bojana Javorić is very good at ensuring that deals are concluded on time.’

‘Janez Voncina is available to help 24/7.’

Key clients

Dulux Group

Hemslade Trading Limited

Noventiq Holdings PLC

United Star Software


Blue Grid SA

Smartsy doo


SD Worx People Solutions

Gastrans Ltd.

Public enterprise Srbijagas

Gazprom Joint-stock company

New Frontier Group

Alpski Cvet doo


Work highlights

  • Acted (as Serbian legal counsel) for Hemslade Trading, which was involved in a longstanding asset-related dispute.
  • Advising Noventiq Holdings PLC on the acquisition of a minority shareholding of 11.175% in Serbian IT company SAGA LLC.
  • Advising Azulis Capital, a private equity firm based in Paris, on the potential acquisition of a minority stake in Advans Group.

Karanovic & Partners

Karanovic & Partners‘ corporate and commercial team is consistently mandated for high-end transactions in Serbia, as well as throughout the SEE. Founding partner Dragan Karanović heads up the corporate and commercial practice, which showcases corporate, commercial, real estate and energy law specialist, Miloš Vučković; and Marjan Poljak, whose track record includes numerous M&A transactions. The department further includes ‘excellent lawyerMiloš JakovljevićIvan Nonković, who advises on M&A, takeovers, privatisations and restructurings; and corporate and commercial law practitioner Goran Radosevic. Other active advisers are Sava Drača, Marko Ćulafić and Jelena Zelenbaba.

Practice head(s):

Dragan Karanović; Miloš Vučković; Marjan Poljak

Other key lawyers:

Miloš Jakovljević; Ivan Nonković; Goran Radosevic; Sava Drača; Marko Ćulafić; Jelena Zelenbaba


‘Communication with these lawyers is excellent. They are dedicated to what they undertake and they are professional.’

‘Provides coverage to the client at all times, and the billing policy is value for money.’

‘Very up to date on the technological side, using the relevant tools to provide professional and fully compliant services. Good internal organisation, providing the client with only one or two people as contact points.’

‘Miloš Jakovljević is an excellent lawyer,  who always provides strong technical, yet commercial and creative, solutions for issues. He is very knowledgeable and has great insight of the market and the industry.’

‘Ivan Nonković has excellent client communication skills, is to the point, and has the required legal experience to manage M&A deals.’

‘Ivan Nonković has a good understanding of the international aspects of a deal and makes valuable proposals during the negotiation process.’

‘Sava Drača is an excellent lawyer. He has the experience and knowledge to manage M&A deals, as well as excellent communication skills. On time with the deliverables and his legal texts are clear and understandable.’

‘Marko Ćulafić has great experience in M&A and is a highly valuable contributor to matters. His proactive attitude, prompt responsiveness and professionalism are great assets to clients.’

Key clients




Inditex Group




GE Healthcare

DS Smith

Saudi Aramco

Colt Technology Services

Penta FinTech

OTP Hungary


Work highlights

  • Advises Pfizer on a wide range of legal matters, including commercial issues.
  • Advised Accenture on the acquisition of umlaut, an engineering consulting and services firm headquartered in Germany.
  • Advised ElevenEs, a brownfield start-up with an existing R&D centre that aims to pioneer LFP (cobalt free) cathode battery technology to commercialise LFP battery cells for electric vehicles, on all aspects of its business activities.

Petrikic & Partneri AOD in cooperation with CMS Reich-Rohrwig Hainz

Petrikic & Partneri AOD in cooperation with CMS Reich-Rohrwig Hainz‘s team is routinely mandated on both M&A deals and Serbia-related FDI. The group’s recent experience also includes high-stakes restructurings. Radivoje Petrikić has longstanding experience in commercial and M&A deals, and development projects throughout CEE; and Maja Stepanović is a specialist in corporate, commercial and M&A work. The practice further features Marija Tešić, an adviser on status changes, takeover bids and mandatory squeeze-outs; and Srđan Janković, who assists with the regulatory, commercial and compliance aspects of conducting business in Serbia.

Practice head(s):

Radivoje Petrikić; Srđan Janković

Other key lawyers:

Maja Stepanović; Marija Tešić; Jelena Đorđević; Mila Drljević


Clients receive prompt and excellent legal support to any legal query.

Maja Stepanović provides really great support regarding legal matters in Serbia.

Key clients

Ahold Delhaize


Rivian Automotive Inc.


Lear Corporation

InterContinental Hotels Group

Warner Music Group

Alma Media Corporation

Lumen Technologies, Inc.

fischer automotive systems GmbH & Co. KG


HMD Global Oy

Dragon Maritime

Ardagh Group

Cummins Inc.


Greentube Internet Entertainment Solutions GmbH

Škoda Transportation a.s.


BMTS Technology


EchoStar Corporation

Progress-Werk Oberkirch AG (PWO)

Work highlights

  • Advising Delhaize Serbia on day-to-day commercial and corporate activities.
  • Advising Hansgrohe on its investment into a new manufacturing plant in Serbia.
  • Advising Rivian Automotive on its entry on the Serbian market and opening of a research and development centre.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr

Recent mandates for Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s corporate and commercial practice include a plethora of private M&A deals, with the group also being active in energy transactions. An M&A adviser to strategic investors and private equity firms, Matija Vojnović heads the corporate and M&A practice alongside retail, consumer goods, pharmaceutical, telecoms and automotive sector specialist, Luka Lopičić. The team also showcases telecoms and energy industry specialist Slaven Moravčević; M&A expert Vojimir Kurtić; ‘exceptional lawyerJovan Barović; and Bojan Rajić, a specialist in contracts and investment incentives.

Practice head(s):

Matija Vojnović; Luka Lopičić

Other key lawyers:

Slaven Moravčević; Vojimir Kurtić; Jovan Barović; Bojan Rajić; Igor Živkovski


Experience, knowledge, attitude, professionalism, great collaboration, and an understanding of the M&A process.’

‘This law office is unique in the excellent support it provides to clients. Clients are very pleased with their work.’

‘Efficient and very knowledgeable on M&A practice in Serbia.’

‘They have a very good legal risk approach to transactions.’

‘Matija Vojnović is excellent.’

‘Jovan Barović stands out as an exceptional lawyer. Clients are unequivocally pleased with both his work and skilful approach to handling matters.’

‘Jovan Barović’s role in successfully steering through various complex cross-border mandates, particularly acquisitions, is of immense significance for clients and really helps them.’

‘Igor Živkovski is very knowledgeable. A great professional and a true authority when it comes to corporate law and M&A. He coordinates other lawyers very well, and makes sure clients get the best advice within the shortest time possible.’

Key clients

AIK Banka

CWP Europe


Emirates Telecommunications Group Company


Max Bet doo Novi Sad

Würth Group

Deva Pharmaceuticals


Brighton Park Capital

Greiner Packaging International

AMMA Import Export GmbH


Carlyle Group

Nidec Corporation

Integral Venture Partners

Elektroprivreda Srbije (Serbian power utility company)

Syneos Health

BM Consulting GmbH

Masdar Taaleri Generation



Shoppster DOO Beograd

TN Invest Anstalt

Opportunity Transformation Investments, Inc.

Work highlights

  • Advised AIK Banka on the acquisition of Eurobank Direktna.
  • Advised Emirates Telecommunications Group Company (alongside an international law firm) on the acquisition of a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia.
  • Advised United Group on several acquisitions in the region.

Bojovic Draškovic Popovic & Partners

Bojovic Draškovic Popovic & Partners‘ team is widely respected for its advice on cross-border M&A deals, as well as local transactions. The group is also increasingly active in aviation-related matters. Vuk Drašković heads up the firm’s corporate, commercial and M&A groups, which include Uroš Popović, whose recent experience includes advising BMM on its acquisition of majority stakes in two target companies; and Marija Bojović, who assists with corporate and commercial law work. In a boost to the practice, Milica Pešterić, Stefan Golubović and Miloš Andrejevića were made partners in May 2023.

Practice head(s):

Vuk Drašković

Other key lawyers:

Uroš Popović; Marija Bojović; Mario Kijanović; Milica Pešterić; Stefan Golubović; Miloš Andrejevića; Simona Vračar

Key clients


Infobip Limited



The Walt Disney Company


Colgate-Palmolive Adria

MSC Global Shipping Company


Work highlights

  • Advising INFOBIP on the acquisition of all the shares in Netokracija.
  • Advising Prohuman on the acquisition of majority ownership stakes in two target companies in Serbia.
  • Advising Renomia on the acquisition of a target in Serbia.

BOPA Bojanovic & Partners

BOPA Bojanovic & Partners' corporate and commercial department has ‘particularly strong expertise in corporate and commercial matters’. The team advises at every stage of the deal process, including due diligence reviews, transaction structuring, drafting and negotiating documents, obtaining merger approvals, deal-related employment issues, and regulatory matters. Group head and cross-border transaction specialist Vladimir Bojanović is ‘a great corporate lawyer’, while Aleksandra Stojanović is a June 2023 recruit from Doklestic Repic & Gajin, who focuses on corporate law and M&A transactions, as well as banking and finance, real estate, projects, mining, and energy work.

Practice head(s):

Vladimir Bojanović

Other key lawyers:

Aleksandra Stojanović


‘BOPA’s team consists of knowledgeable senior and experienced lawyers, who provide high-quality legal assistance and are prompt to respond to enquiries.’

‘Vladimir Bojanović and Aleksandra Stojanović are both outstanding lawyers – great negotiation skills and always able to find solutions that simply work.’

‘Vladimir Bojanović and Aleksandra Stojanović always exceed clients’ expectations. Clients really could not wish for a better team! ’

‘BOPA has a work method that is designed to maximise security and satisfaction for sophisticated international clients – absolute market leaders.’

‘BOPA has broad experience across many practice areas, but it has particularly strong expertise in corporate and commercial matters.’

‘Vladimir Bojanović has extensive practical experience, a great feel for clients’ needs, and the ability to identify and communicate issues efficiently.’

‘Vladimir Bojanović is a great corporate lawyer!’

‘Aleksandra Stojanović is always available and proactive, and with a pragmatic and problem-solving approach – the undeniable fact is that she is fully committed to her work.’

Key clients

General Electrics

EMX Royalty Corp

NCR Corporation


NEC Corporation

Applus Servicios Tecnológicos

Elementor LTD.

Trace One

Diófa Alapkezelő Zártkörűen Működő Részvénytársaság

Ariston Group

EXA Infrastructure

Lego Group

Warner Bros. Discovery

Lufthansa Group


Costa Coffee

Wizz Air

Fevo, Inc

Work highlights

  • Advised General Electric on a complex corporate restructuring.
  • Advised NCR Corporation on a complex intra-group reorganisation.
  • Advised Diófa Alapkezelő Zártkörűen Működő Részvénytársaság on structuring an asset acquisition transaction.

Doklestic Repic & Gajin

Doklestic Repic & Gajin focuses on M&A, joint ventures, buy-outs, divestments, and spin-offs. The team’s assistance extends to due diligence, deal structuring, transactional documents, merger approvals, and employment and regulatory issues. Slobodan Doklestic heads up the department, which includes Dragan Gajin, who is experienced in the real estate development, finance, mining, energy, logistics and pharmaceutical sectors. Ljubinka Pljevaljcic is also an active team member, while Dejan Peric and Jovana Spasojevic are 2023 hires from AVS Legal and Karanovic & Partners, respectively. Milos PandzicAleksandra Stojanović and Tanja Glisic all recently departed the firm.

Practice head(s):

Slobodan Doklestic

Other key lawyers:

Dragan Gajin; Ljubinka Pljevaljcic; Dejan Peric; Jovana Spasojevic


‘Hands-on experience in local (legal) matters. Proactive and super-responsive team.’

‘A go-to firm for businesses in Serbia.’

‘Outstanding market knowledge and hands-on experience, especially in public procurement and M&A sectors.’

‘Responsiveness, flexibility, ability to deliver on very short deadlines, and availability.’

‘An unequivocally positive recommendation for the law firm, particularly in the realm of corporate and M&A work.’

‘The exceptional level of expertise and dedication displayed by the entire team, under the leadership of Slobodan Doklestic, consistently exceeds expectations.’

Consistently demonstrates a profound understanding of clients’ business needs. Ability to craft innovative and effective legal strategies that are tailored to clients’ specific challenges.

Their meticulous attention to detail, combined with a deep knowledge of corporate law, ensures that clients are always well prepared for transactions.

Key clients

Philip Morris




Balkan Gold (subsidiary of Erin Ventures Inc.)


Beijing New Building Materials


Petrol d.d.

Generali Investments

AIK Bank

ProNatal Group


DTD Holding

Al Rawafed Serbia

Hewlett Packard

Valvoline Inc

NLB Bank

KWS Group

MENU Technologies

Adecco Group

NLB Bank NELT & Co

Admiral Markets

Vision Fund International


CrossCom Inc

Shamrock Trading Corp

Work highlights

  • Assisted an international law firm with the legal due diligence on Syneos Health’s subsidiary in Serbia.
  • Acted for Nordex Energy on the financing of the development of a wind farm project in Serbia.
  • Assisted an international law firm with the confirmatory legal due diligence for Veolia Energy Hungary, in relation to a public-private partnership project in Serbia.

Gecic Law

With an ‘approach that helps clients overcome all challenges’, Gecic Law fields experts in M&A, corporate law, commercial transactions, and regulatory compliance. The firm’s industry specialisms encompass telecoms, financial services, energy, and real estate. It is particularly sought after for complex international transactions. Corporate and M&A leader Ognjen Colić, who ‘always identifies the most commercially important points’, specialises in M&A deals, commercial agreements, and regulatory compliance. The group also includes Nemanja Sladaković, an adviser on corporate law, M&A, and energy, while Milos Petakovic advises on restructuring, investments, and takeover procedures.

Practice head(s):

Ognjen Colić

Other key lawyers:

Nemanja Sladaković; Milos Petakovic; Branko Gabrić; Bogdan Gecić


‘The team is small but the lawyers are very capable and commercial.’

‘Exceptional service and approach that helps clients overcome all challenges they come across.’

‘Working with Gecic Law, the client always feels special.’

‘They make sure that the client is being heard, respected, protected, nurtured, secured, and satisfied.’

‘Gecic Law delivers the kind of legal support to foreign businesses that clients are used to in Western Europe.’

‘Their elegant and professional approach always gives clients confidence about their work, especially Ognjen Colić. ’

‘Ognjen Colić always identifies the most commercially important points and focuses on those.’

‘Bogdan Gecić and his team are excellent and well connected.

Key clients

Ardent Group (OMR Group)


Kinross Gold Corporation



Telekom Group



Senis Group


TÜV Rheinland

Toyota Serbia

TS Ventures Fund

Work highlights

  • Advised Nanocraft on its establishment.
  • Advised Telekom Group on its debut issue of a €500m Eurobond on the international debt market.
  • Advised CIBT Inc on its establishment in Serbia, as well as its commercial operations.

Joksovic, Stojanovic & Partners

Delivering ‘fit-for-purpose solutions’, Joksovic, Stojanovic & Partners' commercial, corporate and M&A department is particularly active in automotive sector matters. It is also increasingly involved in medical equipment and railway industry-related work. The team further advises foreign and domestic clients on their day-to-day corporate issues, including management changes, setting up branch offices, and obtaining regulatory permits. Milan Joksovic is ‘an outstanding expert’, while Petar Stojanović has longstanding M&A expertise. The practice also features Srdjan Tolpa, who regularly plays key roles in the firm’s largest deals, and Goran Vučić, who provides ‘business-friendly solutions’.

Practice head(s):

Milan Joksovic; Petar Stojanović

Other key lawyers:

Srdjan Tolpa; Goran Vučić


‘Very client oriented. Understands the unique business strategies of clients and adapts to them.’

‘Petar Stojanović and Goran Vučić are always a pleasure to work with, even when the issues are demanding.’

‘Very rapid responses, excellent communication, and solid business understanding.’

‘Clients compliment the firm’s tailored approach, fit-for-purpose solutions, and straightforward guidance.’

‘Conversations in both Serbian and English are easy and fluent, and the responses are clear and comprehensive. Clients feel that they are in capable hands.’

‘Petar Stojanović is very accurate, to the point, and with indisputable professional knowledge.’

‘Goran Vučić is a great professional – always ready to offer legally-compliant and business-friendly solutions.’

‘Milan Joksovic is an outstanding expert and excellent communicator, and shows great understanding of clients’ business specifics.’

Key clients


Robert Bosch

BSH Hausgeräte

Renault Nissan Group


Toyota Alpe Adria



Rail Cargo Austria (ÖBB)

Nokia Solutions and Networks

Deutsche Bahn


State Lottery of Serbia


SSA Pana

Salinen AG


VanWaveren Saaten




Mitros Fleischwaren

Regent Beleuchtungskörper

GLA Holding Austria


FCC Austria Abfall Service AG


Kirchdorfer Gruppe Austria


Merck Sharp & Dohme (MSD)


Teknoxgroup Srbija

Notino Malta

SavAntiVir doo

GrECo International

Elekta Solutions

Nelt Co.

Croatia Records


MD International

Alek Kavcic Foundation Serbia and USA

Denta BP Pharm doo

Work highlights

  • Advised Apple on the legal framework for video content it makes available to Apple TV App users in the Republic of Serbia.
  • Advised Alithya on the acquisition of Datum, which enables digital transformation services for data-rich insurers and other regulated entities, such as state governments.
  • Advised Kirchdorfer Group on the sale of its Serbian entity holding, a stone quarry in Serbia.

Law Office Miroslav Stojanovic, in cooperation with Wolf Theiss

With ‘unparalleled knowledge of Serbian M&A’, Law Office Miroslav Stojanovic, in cooperation with Wolf Theiss‘ corporate and M&A team is increasingly involved in M&A deals in the IP, IT and healthcare industries. The principal figures are Belgrade managing partner Miroslav Stojanović, who is qualified to practice law in both Austria and Serbia; Nataša Lalović-Marić, who maintains a broad commercial practice; and M&A and investment law expert Anđelka Todorović. The practice also includes Aleksandar Ristić, who routinely assists foreign clients with their investments in Serbia, including both greenfield and brownfield projects.

Practice head(s):

Miroslav Stojanović; Nataša Lalović Marić; Anđelka Todorović

Other key lawyers:

Aleksandar Ristić; Marijana Zejaković; Marko Tešanović; Milan Novakov; Jovan Mićović


Excellent team for M&A. Responsive, pragmatic, business minded, and with excellent English. Highly recommended.’

‘Local expertise, specialisms and great leadership.’

‘Efficient, practical, solutions oriented, and available.’

‘The team is extremely strong, reliable, and committed.’

‘Unparalleled knowledge of Serbian M&A, corporate law and commercial industries, and beyond that they also successfully represent clients throughout the CEE region.’

‘Always a great pleasure working with the WT Belgrade team.’

Quality is top-notch – technically the best in their field.

‘Miroslav Stojanović, Nataša Lalović Marić and Anđelka Todorović all have extremely strong, well-deserved reputations in Serbian and cross-border M&A.’

Key clients

Sona BLW Precision Forgings

Gaming Innovation Group (GiG)

Suez SA (Vigie SA)

Agrofert a.s.

Aussafer Due S.r.l.

Limbach Group

Mondelez International, Inc.

Sunlight Group Energy Storage Systems Industrial and Commercial Single Member

Electron Holding Zrt.

Emil Frey Holding AG

Toyo Tire Corporation

AHV International

AllianceAPI Corporation

Nidec Corporation

Work highlights

  • Advising Sona BLW Precision Forgings (known for transmission solutions for battery electric vehicles) on the acquisition of a majority stake in Serbian tech company Novelic d.o.o. Beograd.
  • Advising Gaming Innovation Group, an iGaming company offering cloud-based product and platform services and performance marketing to its B2B partners, on the Serbian aspects of the acquisition of AskGamblers and associated online casino brands, JohnSlots and NewCasinos.
  • Advising Agrofert, a Czech-based chemical manufacturing company, on its participation in a tender procedure for the €810m acquisition of a fertiliser business in Serbia and other CEE/SEE jurisdictions.

Prica & Partners

The ‘best in class’ for some clients, Prica & Partners‘ track record includes several groundbreaking transactions. The practice covers corporate and commercial deals, M&A, incorporations, contract drafting, corporate governance, shareholder issues, divestments, and restructuring. Co-leading the department, Danica Gligorijević is a specialist in M&A and corporate law, as well as energy, infrastructure and taxation; and Ana Čalić Turudija‘s experience includes a raft of M&A deals. The practice also features Mihajlo Prica, an adviser on corporate, M&A and commercial matters, and Ana Krstić, who also assists with corporate and commercial transactions.

Practice head(s):

Danica Gligorijević; Ana Čalić Turudija

Other key lawyers:

Mihajlo Prica; Ana Krstić


‘The commercial and corporate team at Prica & Partners is exceptional to work with as it is consistently responsive, and its ability to navigate complex business issues is excellent. Recommended without hesitation.’

‘Prica & Partners is dedicated to its clients.’

‘A well-organised team, with excellent and extensive legal knowledge.’

‘A very professional team that is dependable and thorough.’

‘A firm that clients can count on to ensure they remain compliant. Best in class and clients are pleased with what the firm has to offer.’

‘They are always ready to support the client and provide all the needed information and instructions well in advance (so the client is aware of the process), and they follow up on matters very effectively.’

‘Danica Gligorijević and Ana Čalić Turudija are pivotal to the team’s highest-profile mandates, both being able to provide very practical and solution-oriented advice.’

‘Ana Krstić is responsive and ensures clients understand what the state of play is.’

Key clients



Wizz Air Hungary Ltd.


Procter & Gamble



dm-drogerie markt



IGT-Europe B.V.

Inos Balkan


Abbott Laboratories










Hendor Capital

Work highlights

  • Advised MET Holding on the restructuring of its subsidiary in Serbia.
  • Advised the UK’s Hendor Capital on the restructuring of its subsidiary in Serbia.
  • Advising dm-drogerie markt, a Germany-headquartered European retail chain, on all aspects of its business in Serbia.

Harrisons Solicitors

English law firm Harrisons Solicitors has longstanding experience in advising on acquisition and sale transactions. The practice notably stands out for its Middle East and North Africa market expertise, particularly in relation to investments from Abu Dhabi into Serbia. Areas of recent growth include advice to IT start-up companies and agriculture-related deals. The principal figures are name partner Mark Harrison and Goran Martinovic, who heads up the firm’s M&A work.

Practice head(s):

Mark Harrison

Other key lawyers:

Aleksandar Jovicevic


‘The team is very solid, professional, and has high-level communication skills.’

‘They deliver on time with ease.’

‘Individuals with knowledge of different areas and unique in their ability to resolve problems quickly.’

Key clients

Al Dahra

Al Rawafed


International School of Belgrade

British Embassy Belgrade

Australian Embassy Belgrade




FCA Srbija (Fiat)

Integral Group






Al Dahra Rudnap d.o.o.



Havi Logistics


Work highlights

  • Advising Al Dahra (Abu Dhabi) on its continuing development within the agricultural sector.
  • Advising Al Rawafed (Abu Dhabi) on its continuing development within the agricultural sector.
  • Advising Tenderly, a Serbian start-up IT company, on the corporate and commercial aspects of its Serbian operations.

MMD Advokati

MMD Advokati‘s ‘very client-oriented team’ predominantly focuses on transactional work, such as complex M&A, corporate advice (including restructurings), and investment-related subsidies and incentive schemes. Heading up the M&A and corporate law department, Rastko Mališić‘s experience includes assisting companies with both entry onto the Serbian market and their greenfield investments. Mališić is supported by Miodrag Klancnik, whose wide-ranging practice encompasses M&A, and Cedomir Jelesijevic, another active practitioner for transactions.

Practice head(s):

Rastko Mališić

Other key lawyers:

Miodrag Klancnik; Cedomir Jelesijevic


‘Excellent cooperation, professionalism and experience.’

‘Very enthusiastic, up to date and affordable.’

‘They are a real pleasure to work with. This means that they always give clear and punctual advice, and help clients with all all elements of the deal.’

‘They understand clients’ business very well, which is a precondition for successful cooperation.’

Very client-oriented team that is experienced in both corporate and real estate law.

Rastko Mališić is very good for M&A deals and general corporate work. It is clear that he has a valuable track record.

Rastko Mališić is a fast-thinking and fast-working lawyer.

‘Miodrag Klancnik is extremely professional, ready to help the client, enthusiastic, and always looking for opportunities to bring matters to a close.’

Key clients


Champel International SA

Gebr Heinemann


Vantage Leasing

City Park One

Think Big

Barry Callebaut


Aktiva Skupina


Vantage Leasing



Robert Bosch


DDOR Garant

Work highlights

  • Advised Switzerland’s Valament on the acquisition of casino-related websites (and several smaller domains) in Serbia.
  • Advised City Park One on the acquisition of a large condominium complex in north Serbia.
  • Advised Swiss company Champel International SA on the sale of its Serbian subsidiary.

MVJ marković vukotić jovković

MVJ marković vukotić jovković‘s ‘well-rounded team‘ is particularly focused on the M&A, corporate restructuring, financing and development aspects of renewable energy projects. The group also assists with real estate-related M&A deals, and has additional agriculture, fintech, IT and retail sector expertise. Senior partner and M&A and restructuring specialist, Marko Jovković, ‘offers constructive solutions to every problem’, while Stefan Jovičić focuses on joint ventures, and M&A and private equity transactions.

Practice head(s):

Marko Jovković

Other key lawyers:

Stefan Jovičić


‘MVJ is a great, enthusiastic firm with impressive individuals.’

‘MVJ stands out for its expertise, constructive approach and availability.’

‘They provide incredibly friendly support and they understand company clients well. The quality of the service is highly client focused.’

Key clients

Air Serbia

Siemens Healthcare

MK Group





Yunex Traffic



Fashion Company

Victoria Group

Xella Serbia

Victory Gardens

Tesla Capital

Mikro Kontrol

Ingram Micro

CRH Serbia – Moravacem

Ariel Property Advisors




Optim Project Management

De Heus


CNE Central Northern European O.I. GmbH

Jos. H. Lowenstein & Sons, Inc.

Kentaur A.S.


Kappastar Group

Valastone AG

Kadena Properties

N.E.G. New Europe Gaz

China State Construction Engineering Corporation Ltd.

Ingram Micro

Skyboard Advertising

Work highlights

  • Advised Victoria Group on its absorbing of five entities.
  • Advised BIG CEE on the acquisition of PKS-Latex.
  • Advised MK Group on the demerger and merger of its subsidiaries.

NKO Partners

NKO Partners fields sector specialists in energy, mining, real estate, telecoms, media, and food and drink, as well as pharmaceuticals, banking, publishing and retail. The firm’s corporate and transactional workload encompasses M&A, corporate restructuring, takeover bids, management buyouts, joint ventures, and privatisations. The department is co-led by real estate industry expert Djordje Nikolic; and Djuro Otasevic, who focuses on M&A, corporate and commercial law, along with mining and telecoms-related work.

Practice head(s):

Djordje Nikolic; Djuro Otasevic

Other key lawyers:

Branko Jankovic


A number one port of call for Serbian legal advice.’

‘As well as providing excellent advice, they are quick and good value for money compared to other firms.’

‘The team of associates are all of an excellent standard.’

‘The go-to person is Djuro Otasevic who has an excellent understanding of the law and knows the mining business extremely well.’

‘Djuro Otasevic is not only an excellent all-round lawyer, but he also understands clients’ business extremely well and can therefore tailor his knowledge and advice to clients’ needs.’

‘Djuro Otasevic is always available to discuss matters.’

‘Djordje Nikolic is who some clients want to use for all their deals in Serbia. He thinks outside of the box, is very business oriented, practical, and on clients’ wavelength.’

‘Djordje Nikolic works with an excellent team and delegates accordingly when necessary. He is very responsive and has an in-depth knowledge of the local market.’

Key clients





Dr. Max


CTP Group



Metro Cash & Carry

Konica Minolta

Dundee Precious Metals

Two Desperados

Work highlights

  • Advised a group of Saga’s minority shareholders on Noventiq’s multimillion buyout of their equity.
  • Advised CTP on over 20 acquisitions in Serbia.
  • Advised Dr Max, the Prague-headquartered pharmacy group, on its acquisition of pharmacy chains in Serbia.

SOG in cooperation with Kinstellar

In July 2023, Joint law office Marić in cooperation with Kinstellar merged with SOG Law Firm to become SOG in cooperation with Kinstellar, which houses experts in cross-border transactions, and regularly leverages the firm’s private equity and capital markets specialisms. The firm’s clients include energy, mining and telecoms companies. Milan Samardžić is experienced in advising foreign companies on entering the Serbian market, while Aleksa Bošnjović specialises in corporate and commercial law.

Practice head(s):

Milan Samardžić

Other key lawyers:

Aleksa Bošnjović

Key clients

PowerChina Resources


Kadena Properties

Alfi Private Equity Fund

Renault Group


World Bank Group

GlaxoSmithKline (GSK)

ICT Hub d.o.o, Belgrade


Stankovic & Partners (NSTLAW)

Stankovic & Partners (NSTLAW) routinely advises on cross-border corporate M&A matters involving global corporations and banks. The group is particularly active on behalf of international businesses establishing operations in Serbia. The practice additionally assists with ongoing commercial issues, such as project documentation, joint ventures, and supply and distribution agreements. Nenad Stankovic and Andrej Savin both advise on international commercial law issues, while Tijana Milišić also assists with corporate and commercial matters.

Practice head(s):

Nenad Stankovic

Other key lawyers:

Andrej Savin; Andjelka Radovanović; Sara Pendjer; Luka Marosiuk; Mitar Simonovic; Tijana Milišić

Key clients

RCL Systems

NLB Srbija

Titantex SRL Unipersonale

Teddy S.p.A.

Beauvallon Europe S.A., SPF

Brif Tres doo  and Brif-TC doo, Beograd

Aelius SARL Luxembourg, affiliate of EMS SA

Apatinska pivara, member of Molson Coors Group

Monster Energy

Proleter AD

TMB Diamond Voćar doo Pancevo

GOPA, Germany (member of GOPA Consulting Group)

Crveni signal


Sitel DOEL


Uniqa Insurance

Coropi Holdings

Kalemegdan Investments Limited

Par Technology Corporation


Devellop doo

Dirigent Acoustics

Ferrobeton SRB

Eco signal

Takeda GMBH

Lucky Star Junior

Work highlights

  • Advising UK company Transcend Packaging on its acquisition of shares in Serbian company Roda Pack, which involved highly complex corporate aspects.
  • Advising Apatinska Pivara on various commercial matters, including the negotiation and drafting of commercial agreements with distributors and retailers.
  • Assisting pharmaceuticals company Galenika with a number of important corporate matters, including shareholder meetings and dividend distributions, as well as corporate compliance issues.

Vukovic & Partners

'Always delivering beyond expectations’, Vukovic & Partners' corporate, commercial and M&A team regularly advises on cross-border mandates, predominantly within the energy, transport, finance and FMCG industries. The track record of Dejan Vuković includes leading on privatisation, corporate restructuring and M&A matters; and Dejan Plamenac, who manages the firm’s corporate and commercial law department, is a ‘valuable and effective asset to company clients’. Igor Joksović and Nikola Hanžek are other active practitioners.

Practice head(s):

Dejan Vuković; Dejan Plamenac

Other key lawyers:

Igor Joksović; Nikola Hanžek


‘Vukovic & Partners offers a very broad spectrum of expertise in many different disciplines, which are a great asset for a company seeking a single go-to solution for all its problems.’

‘Clients value the knowledge and empathy of the employees, who always remain in close contact.’

‘Covers all aspects of local and international law, tailors its services to the client’s needs, and provides a highly reliable service – adaptable to the complexity of ever-changing situations and delivers high-level results at all times.’

Key clients

Dry Docks World

ATEH Resolution GmbH

P&O Ports FZE

ODM Collections Ltd. Belgrade

Sava Re d.d.

Lynx Cap Group

Adriatic 42 Ltd. Herceg Novi

DP World Jsc. Novi Sad

Eurobau Connect AG Ltd. Belgrade

Enna Fruit Ltd. Belgrade

WorleyParsons Energy Services Llc.

Kopa Investment Corporation Ltd. Belgrade

Stock International Ltd. Representative Office Belgrade-Savski venac

Niksen Investment Ltd. Belgrade

Two Dots Ltd. Belgrade

ODM Collections Ltd. Podgorica

ODM Collections Ltd. Sarajevo

DP World FZE

Lerta Energy HU

MSG Global Solutions AG

Global Benefits Europe

Nyholmen Invest AS

World Bank

United States Agency for International Development (USAID)

Jugo-Kaolin Ltd. Belgrade

Amiy Ltd. Belgrade

Goldair Handling Ltd. Belgrade

Work highlights

  • Advised Dry Docks World on the local aspects of the acquisition of the concession rights for the development of Bijela Shipyard.
  • Advised ATEH Resolution GmbH on a high-value purchase of distressed assets from Heta Asset Resolution AG.
  • Advising P&O Ports FZE (as transferor) and DP World FZE (as transferee) on the share transfer procedure of DP World JSC Novi Sad.

Zivkovic & Samardzic Law Office

Zivkovic & Samardzic Law Office's ‘exceptionally knowledgeable and experienced‘ corporate and M&A department acts for major commercial, financial and industrial businesses on complex business transactions. The practice is co-led by Branislav Živković, who is responsible for coordinating cross-border deals within the LGP Legal Solutions Network; and corporate and M&A practitioner Sava Pavlović, who is an expert in IT, media and telecoms-related matters. Former partner Igor Živkovski exited the firm in October 2023.

Practice head(s):

Branislav Živković; Sava Pavlović


‘This is a very impressive team. Extremely focused and experienced, and its approach is highly flexible and innovative.’

‘Clients highly appreciate the excellent lawyer-client communications and how the team engages with them.’

‘The team is always available and highly professional. It has strong skills and is very client oriented, which really helps clients achieve their commercial objectives.’

Key clients

Kopernikus Corporation

Nestlé Adriatic

Titan Cementara Kosjerić

Prva Televizija


Erste Bank a.d. Novi Sad


FireFly Productions

Trickest Hive

Dr. Oetker



Arriva Group

City Expert Global

Alternative Investment Fund Management Company Fifth Quarter Ventures doo Novi Sad

HDL Design House doo Beograd

Hunch Insights

Yango Delivery

Work highlights

  • Advised TITAN Cementara Kosjerić on its merger with Stari Silo Company, an affiliated company for the development of building projects.
  • Provided support to the Arrive Group on the sale of its business in the Republic of Serbia.
  • Advised the shareholders of Eurobank Direktna a.d. Beograd on its sale to AIK Banka a.d. Beograd.

Atanaskovic - Bozovic Law Firm

Housing sector specialists in IT services, energy, construction, pharmaceuticals and healthcare, Atanaskovic - Bozovic Law Firm advises on board and general assembly decisions, business structuring, FDI, M&A, due diligence, negotiations with state authorities, and the incorporation of company acts. Uroš Atanasković and Vuk Božović are both corporate and commercial law experts.

Practice head(s):

Uroš Atanasković

Other key lawyers:

Vuk Božović; Marko Mrvic; Milena Raskovic

Key clients

Iron Mountain d.o.o.

Vet Smart d.o.o.

SIT Programming School AG

Inception d.o.o.

D.Med Healthcare d.o.o.

Boehringer Ingelheim

French Chamber of Commerce and Industry in Serbia

Eurotay d.o.o. Kraljevo, Serbia

Hitit Mobilya

Acronis International GmbH

Constructor AG

Crowe RS Belgrade


Saisei d.o.o.

Advice International Services LLC

Work highlights

  • Advised Iron Mountain on negotiating and executing a software development agreement.
  • Advised Hitit Mobilya on the legal aspects of the construction of St. Regis Hotel in the Tower of Belgrade – Belgrade Waterfront Project.
  • Advising VetSmart doo on its collaboration with a software development company and the sale of a majority stake to an investment fund.

BIT Law Office

Fielding ‘real experts’, BIT Law Office‘s commercial law practice advises on both high-end transactions and corporate restructurings. Djordje Igric‘s practice covers M&A, corporate issues, deal negotiations, privatisation, and restructuring; and Boris Baklaja advises oil and gas, mining, construction, pharmaceutical and distribution companies on their acquisitions and business operations.

Practice head(s):

Djordje Igrić

Other key lawyers:

Jovan Crnogorčević; Dušan Delić; Boris Baklaja


‘Highly professional approach, good at listening and problem solving, reliable, fast responses, and always available for the client.’

‘BIT has outstanding legal expertise and a great client-oriented approach.’

‘Valued for its legal understanding, dedication, and proactive communication.’

Key clients

Veridos GmbH

Arthur D Little

Advans Group

Instant Factoring

Inbox Kitchen

Elsys Group

RBI Group


Fush doo Beograd

3 Lite doo Beograd

Lupa Technology doo

Boje su u nama doo Beograd

Adoc doo Beograd

MCR Globex Group doo Beograd

Encon doo Beograd

ABL Production doo Čačak

Work highlights

  • Advised Veridos GmbH on the acquisition of a controlling interest in a Serbian IT company.
  • Advised Arthur D Little on expanding its operations into Serbia.
  • Advised Advans Group on the divestment of a minority ownership package.

Deloitte Legal Serbia

Deloitte Legal Serbia‘s ‘track record is impressive’. The practice advises on corporate, compliance and regulatory matters, along with M&A, joint ventures, privatisations, and corporate restructuring. Stefan Antonić is an international commercial law expert, while Mirjana Mladenović focuses on M&A, corporate issues, and restructuring and insolvency.

Practice head(s):

Stefan Antonić; Mirjana Mladenović

Other key lawyers:

Jelena Zelenbaba; Igor Denčić


‘Deloitte Legal Serbia’s integration into the global Deloitte network gives clients access to comprehensive, business-focused legal solutions.’

‘Stefan Antonić’s adaptability and effective communication skills sets him apart from competitors, making him a top choice for legal services.’

‘Mirjana Mladenović – very thorough and quick work, with great expertise.’

‘Their innovative use of technology streamlines processes and their diverse team fosters creative problem solving. Their client-centric billing and strong regulatory expertise are invaluable.’

‘Their track record is impressive. They continually update their legal advice, making them a standout choice in the legal landscape.’

‘The team at Deloitte Legal Serbia is exceptional. They bring a holistic understanding of clients’ business, excel in innovative problem solving, and have a strong client-focused approach.’

‘Stefan Antonić stands out for his dedication to excellence.’

‘Stefan Antonić – always responsive and helpful, and with good insights.’

Key clients

Telefónica Tech

Telekom Srbija a.d. Beograd

Mtel ad Banja Luka

Gjirafa Dega Ne Kosove

MIG Poland

Huawei Technologies Serbia

AVON Cosmetics Serbia and Montenegro



Richemont (RGL Europe BV)

The Serbian Development Fund

Caterpillar Financial Services

Work highlights

  • Advised European tech services provider, Telefónica Tech, on its €350m acquisition of BE-Terna.
  • Advised Telekom Srbija on the acquisition of regional telecoms operators.
  • Advised on the potential acquisition of a Serbian retail trade company.

Mihaj, Ilic & Milanovic Law Firm

Mihaj, Ilic & Milanovic Law Firm‘s corporate, commercial and M&A department regularly aligns with the firm’s real estate, energy and infrastructure project practices. Marko Milanović advises pharmaceutical, financial, construction, real estate, manufacturing, and oil and gas clients; Tanja Unguran is an energy expert; and Nemanja Ilić is ‘a trusted lawyer’.

Practice head(s):

Marko Milanović; Nemanja Ilić

Other key lawyers:

Dušan Marković; Marija Alhaj; Tanja Unguran


‘The lawyers are an absolute pleasure to work with – some clients could not imagine doing important transactions with any other lawyers.’

‘Lawyers that are consistently available at any hour during stressful times.’

‘What makes them stand out is that throughout each step of a transaction, clients feel that they are genuinely devoted to getting the best result and not just finalising the deal.’

Key clients

Air Serbia

Belgrade Waterfront Company

Doka Serb

Elite Cop

Energy Construction

Galeb Group

Alcon Pharmaceuticals

Global Seed

Wood Chips Belgrade

Ivicom Holding Gmbh

Work highlights

  • Advised Air Serbia on a number of complex corporate and commercial matters.
  • Advised Belgrade Waterfront on general corporate and commercial matters.
  • Acts as general legal counsel for Galeb Group and its subsidiaries.

Radovanovic Stojanovic & Partners AOD

Radovanovic Stojanovic & Partners AOD fields sector experts in automotive, IT, gaming, construction, FMCG, and financial services. Corporate and M&A head Saša Stojanović advises on large-scale M&A deals, joint ventures and corporate restructurings, along with real estate and banking matters. Djordje Vicic is also a key corporate and M&A team member.

Practice head(s):

Saša Stojanović

Other key lawyers:

Djordje Vicic


‘The firm offers a comprehensive and high-quality service, and is always available, even at short notice. Excellent case management.’

‘The team is very responsive, highly practical, and attentive to clients’ needs and objectives.’

‘Saša Stojanović is very responsive, and provides fast and reliable advice. Anther important team member that clients highly value is Djordje Vicic.’

‘They have a profound understanding of clients’ industries and try to dive into their problems to understand the issues properly.’

‘They provide clear and concise advice, anticipate potential challenges in the future, have the bigger picture in mind, and warn clients if they might be going in the wrong direction.’

‘Saša Stojanović is a very capable, experienced, and business-oriented lawyer.’

‘Saša Stojanović understands the business needs of clients, and his advice is always on point and on time.’

‘Clients find Saša Stojanović to be a highly competent professional who demonstrates excellent knowledge and negotiation skills.’

Key clients

MK Group

Wienerberger AG

EBB Gamma Holding GmbH (Member of Soravia Group)


SKS 365

MK Holding Limited

Plainly DOO


SAP Fioneer doo

ZA Tech


British American Tobacco (BAT)

Porsche Holding



Mavic Group DOO

ISIC Service Office d.o.o. (member of ISIC Association)

Logo DOO

Work highlights

  • Advised EBB GAMMA HOLDING GMBH (Member of Soravia Group) on the sale of all the shares in PRIGAN DOO, which owns the Radisson Collection-Old Mill Hotel in Belgrade.
  • Advised the shareholders of Plainly DOO, a Serbian IT company, on the proposed sale of all its shares.
  • Advised MK Group on the establishment of a joint venture with Slovenia’s ALFI Green Energy Fund for the development of a 103.3-megawatt wind farm in Serbia.

Subotic & Jevtic - Attorneys at Law

Subotic & Jevtic - Attorneys at Law‘s ‘handles a diverse range of commercial law matters‘. The entirely women-led practice features Julijana Jevtić, who has longstanding experience in acting for multinational clients, governments and financial institutions on M&A, privatisations and restructuring; and Milica Subotic, who is ‘appreciated for her outstanding economic insight’.

Practice head(s):

Julijana Jevtić

Other key lawyers:

Milica Subotic


‘Very competent and knowledgeable, especially in M&A and corporate law.’

‘A team that delivers timely and practical advice, and handles a diverse range of commercial law matters.’

‘Julijana Jevtić and Milica Subotic are a great combination – experience, commitment and passion for the work.’

‘The key difference is that they are very active and full of suggestions on how to proceed and resolve problems.’

‘Clients are amazed by their ability to handle complex and multidisciplinary legal issues in such a straightforward and efficient manner.’

‘Shows extraordinary skills and provides the best possible legal advice.’

‘Clients really enjoy working with Julijana Jevtić and Milica Subotic. Both of them have strong backgrounds in complex M&A transactions and commercial deals, and their corporate department is supported by expertise in capital markets, competition, real estate and contentious matters.’

‘Milica Subotić is appreciated for her outstanding economic insight, technical knowledge and dedicated client service. Julijana Jevtić provides additional value to the commercial, corporate and M&A team with her brilliant judgement and strong leadership skills.’

Key clients

Agri Business Partner d.o.o. Sombor, Serbia

Novo Nordisk Pharma d.o.o. Serbia

Wienerberger d.o.o.

Air Serbia

Atlantic Grupa d.d.


Blumind d.o.o.

Work highlights

  • Advising SkySpecs on the acquisition of Blumind Serbia, part of i4SEE Austria.
  • Advising PP Vojvodina on the delisting of shares from the Belgrade Stock Exchange.