Delta resumes Continental reconstruction and preparations for shopping mall construction - How does company function without Miskovic?

After the arrest of Miroslav Miskovic, owner of Belgrade-based Delta Holding, many people were worried how that company with 7,700 employees would function without him. Economic experts commented that the absence of Miskovic should not affect the companies operating as part of the holding, while some people believed that Miskovic was making all decisions alone and that Delta's creditors had a reason to be concerned.

We've asked people at that company how Delta operates without its owner:

- The organizational structure of Delta Holding is such that the business is run by the existing Board of Directors, which consists of vice presidents of the holding company and general managers of member companies and is chaired by Executive Vice President of Operations Dejan Jeremic. The Board makes decisions on all levels, including strategic plans – people at Delta explained to our web portal.

They claim that Delta still regularly meets all its financial obligations to the state, banks and business partners.

(Vojislav Glavinic)

- Although the fiscal year is not over yet, we can already now say that the plan for this year is fulfilled. The total revenue of Delta Holding is somewhat in excess of EUR 800 million - Delta Holding Vice President for Real Estate Vojislav Glavinic told eKapija when asked whether Delta has fulfilled its plan for this year.

Our interlocutor says that they have not given up their plans to build Delta Planet, a EUR 200 million shopping mall at Autokomanda, the construction of which is expected to start in the spring 2013.

- We have not abandoned our plans to build Delta Planet, deadlines are the same as they were, but this project involves a very complex procedure for collecting the required documentation and building permits, which is why we cannot claim at this moment exactly when the construction will be completed because that does not depend exclusively on us. However, we believe that there will be no delays or that they will be insignificant if any - Glavinic stresses.

Delta Real Estate has filed a request with the City of Belgrade for money return on the basis of the termination of the right to use a land in Block 53 in New Belgrade. As Belgrade Mayor Dragan Djilas stated, the city has set aside RSD 650 million for that purpose.

- We have not yet received any decision from the City of Belgrade regarding this issue, so that we cannot give any comment - Glavinic replied when asked whether Delta would insist on being paid more.

(Continental Hotel)

Renovation of rooms at Continental

One of the largest building projects in Serbia today is the reconstruction of Continental Hotel, which will operate as part of the hotel chain InterContinental Hotels Group, under the brand name Crowne Plaza.

- Renovation of Continental, that is, construction of a Crowne Plaza hotel goes ahead of schedule, and we expect a new hotel chain in Serbia to open in October 2013. We've recently had an official visit from the vice president of the InterContinental Hotels Group, Rolf Hibner, who visited the construction site and expressed satisfaction with the progress of works. At the moment, works are underway on the facade, electrical installations, venting and air conditioning systems - Glavinic says and adds that the renovation of rooms will start soon and be carried out in line with all the standards of the InterContinental Group.

Exclusive agreement for Pink Lady apples

People at Delta Agrar have announced EUR 14.5 million investments in 2013.

- Delta Agrar plans to expand its orchard in Celarevo next year, as well as the capacity of the cold storage plant from current 6,000 to 12,000 tonnes, which is the expected apple yield. Also, we plan to market new, world's most famous club apples Pink Lady, and we have recently signed an exclusive agreement to distribute them in Serbia and the region – said people at Delta.

S.O.