Delta in complete takeover of Bulgarian chain

Delta Maxi announced on Monday that it had bought the remaining 15 percent of the Bulgarian company Piccadilly stock.

Izvor: Tanjug

Monday, 07.09.2009.

15:48

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Delta Maxi announced on Monday that it had bought the remaining 15 percent of the Bulgarian company Piccadilly stock. This made the Serbian company, part of the country's largest privately held enterprise Delta Holding, the sole owner of the retail chain. Delta in complete takeover of Bulgarian chain By that additional investment, Delta Maxi Group had confirmed that both its plans for Piccadilly and its presence on the Bulgarian market were long-term, the company's General Director Dragan Filipovic said. "Further investments in facility development and service quality improvement await us in the coming period so that we could consolidate Piccadilly's position as the best place to shop in Bulgaria," he said. Delta acquired 85 percent of Piccadilly's shares in 2007. The contract provided for the purchase of the remaining 15 percent within the next two years. Delta Maxi has invested over EUR 70mnin Piccadilly thus far, and plans to spend a further EUR 150mn, reports said.

Delta in complete takeover of Bulgarian chain

By that additional investment, Delta Maxi Group had confirmed that both its plans for Piccadilly and its presence on the Bulgarian market were long-term, the company's General Director Dragan Filipović said.

"Further investments in facility development and service quality improvement await us in the coming period so that we could consolidate Piccadilly's position as the best place to shop in Bulgaria," he said.

Delta acquired 85 percent of Piccadilly's shares in 2007. The contract provided for the purchase of the remaining 15 percent within the next two years.

Delta Maxi has invested over EUR 70mnin Piccadilly thus far, and plans to spend a further EUR 150mn, reports said.

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