Miodrag Kostic buying his fourth sugar refinery in Serbia – Waiting for the approval of Commission for Protection of Competition

(Miodrag Kostic) Miodrag Kostic believes that he will receive the approval of Commission for Protection of Competition for buying his fourth sugar refinery in Serbia.

- The anti-monopoly committee required additional documentation from us for the investigation proceedings regarding buying the sugar refinery in Senta. We believe that we will receive the Commission's approval. We wouldn't be buying the refinery otherwise – said Kostic for Blic.

The owner of MK Group thereby answered the question regarding the Commission's decision to give final judgment on his request only after additional investigation. The Commission has cited in its decision that Kostic's Sunoko would gain 70-80% of market participation in Serbia through taking over the TE-TO refinery in Senta.

Kostic explains for Blic that his refineries are “producers, not supermarkets, which are in position to misuse their monopoly right”.

- We are now producing 350,000 tons of sugar a year, which is 150,000 tons more than Serbia needs. Through buying the Senta refinery we will be able to produce even more, but also to become readier to enter the EU – says Kostic, emphasizing that the Senta refinery is experiencing “major blocking and might be declared insolvent” at the moment.

He has announced further expansion of MK Group.

- Through buying companies, we are increasing our responsibility. MK Group employed 5,000 workers last year and 7,000 workers this year. For now, the expansion will be limited to the region, and we will be focusing on agriculture, hotels and banks. Our goal is to make half of our profit through our companies abroad. At the moment, 50% of our profit is coming either from companies we own in Ukraine or from exporting – says Kostic.