MK Group
MK Group is a Serbian holding company with activities in agribusiness, banking, renewable energy, tourism, and real estate across Southeast Europe.
Last updated October 14, 2026
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Overview
MK Group is a Serbian diversified holding company whose main activities span agribusiness, banking, renewable energy, tourism, and real estate. Its business development is associated with Serbian economist and entrepreneur Miodrag Kostić, who began operating a private enterprise in 1983 in trade, import-export, and manufacturing. The holding company itself was established in 1991 and subsequently expanded beyond Serbia into neighboring Southeast European markets, with operations particularly concentrated in Serbia, Slovenia, Croatia, and Montenegro. Agribusiness has historically been the group’s most substantial operating area. Since 2000, MK Group has managed sugar factories and a network of agricultural enterprises, trading businesses, and warehouse complexes. Its subsidiary Sunoko is a major Serbian and regional sugar producer. The group’s agricultural activities also include the cultivation, collection, storage, processing, and wholesale of cereals and oilseeds such as corn, wheat, sunflower, and soybeans. Other important agribusiness companies associated with the group have included Carnex, a meat and meat-products producer; Agroglobe, which works in fertilizers and agricultural-product wholesale; PIK-Bečej; and companies within the Victoria Group system. At one point in the mid-2010s, MK Group managed roughly 29,000 hectares of agricultural land in Serbia, including both owned and managed acreage. The company also developed an international agricultural presence. Through Agro-Invest Ukraine, it operated in Ukraine from 2006 until 2017, focusing on sunflower production and wholesale while managing a substantial agricultural land portfolio. In Serbia, MK Group acquired Carnex in 2011 and PIK-Bečej in 2015. In 2020 it completed the acquisition of a 67 percent stake in Victoria Group, bringing companies such as Sojaprotein, Victoria Oil, Victoria Logistic, Luka Bačka Palanka, and VZS Stočna hrana under majority ownership. The Victoria Group businesses were later sold to ADM Europe in 2021. Financial services have represented another important part of the group’s wider business ecosystem. Through MK Commerce, it established the brokerage company BDD M&V Investments. That brokerage and its related entities acquired a significant ownership position in AIK Banka, while AIK Banka expanded through the acquisition and integration of Jubanka in Serbia. AIK Banka also became the majority shareholder of Slovenia’s Gorenjska Banka and completed the takeover of the Slovenian bank in 2019. The brokerage entities connected with AIK Banka were described in the reference material as separate from the MK Group holding structure, even though they were linked through ownership and business relationships. MK Group entered renewable energy through MK Fintel Wind, established in 2007. The company developed wind-power and solar-generation projects and was among the early participants in Serbia’s modern renewable-energy sector. Tourism and real estate form a further pillar of the group. Through MK Mountain Resort, it operates or manages hospitality and property assets on Kopaonik, including the Grand and Angella hotels, the Konaci apartment complex, and the Sunčani vrhovi properties. The group acquired the Kopaonik assets in 2008. It has also cooperated with international hotel operators including Kempinski and Sheraton, and has been involved with the Kempinski Palace in Portorož and a Sheraton-associated hotel in Novi Sad. The group expanded its hospitality portfolio in Slovenia and Croatia through the acquisition of the Skiper Resort complex in Istria in 2017, an increased stake in Portorož Airport in 2018, and the acquisition of the Slovenian branch of Heta Asset Resolution in 2020. These transactions reinforced MK Group’s positioning as a diversified regional investment group rather than a single-sector consumer brand. Its portfolio combines agricultural production and processing, financial interests, energy infrastructure, and hospitality and property assets. The available reference material does not establish a current consolidated ownership structure, headquarters address, website, or present executive roster beyond the association of Miodrag Kostić with the group’s founding and development.
History
MK Group’s roots are connected with Miodrag Kostić’s private business activities, which began in 1983 in trade, import-export, and manufacturing. The holding company was established in 1991 and developed into a diversified Serbian business group. Its expansion initially centered on agriculture and food production, later extending into finance, energy, hospitality, and property. The agribusiness division grew substantially from 2000, when the group began managing sugar-industry factories in Pećinci, Vrbas, and Kovačica, together with agricultural enterprises, warehouses, and trading operations. Sunoko became one of the group’s most prominent companies and a leading sugar producer in Serbia and the surrounding region. MK Group also built a broader agricultural platform covering cereals, oilseeds, agricultural inputs, logistics, and food processing. The acquisition of Carnex in 2011 added a major meat and meat-products business, while the purchase of PIK-Bečej in December 2015 strengthened the group’s land and crop-production base. By January 2016, the group was reported to manage approximately 29,000 hectares of agricultural land in Serbia. The group’s agricultural expansion also reached Ukraine. From 2006 to 2017, Agro-Invest Ukraine operated in sunflower production and wholesale and managed close to 30,000 hectares of agricultural land. In May 2017, Kernel Holding acquired a majority of Agro-Invest Ukraine’s shares, ending MK Group’s direct involvement in that operation. In Serbia, MK Group’s agricultural portfolio expanded again through the 2020 acquisition of 67 percent of Victoria Group. The transaction brought a set of companies involved in soybean processing, oil production, agricultural logistics, port operations, and animal-feed production into the group’s majority-owned portfolio. This investment was subsequently reversed through the sale of Victoria Group to ADM Europe in November 2021. MK Group’s financial-services connections developed through MK Commerce and the brokerage firm BDD M&V Investments. M&V Investments acquired a significant ownership position in AIK Banka, which later acquired Jubanka in 2017. AIK Banka also expanded into Slovenia by becoming the majority shareholder of Gorenjska Banka and completed the takeover in 2019. The available account distinguishes the brokerage and related entities from the MK Group holding company, so the precise present-day corporate relationship should be verified separately. The group entered renewable energy in 2007 through MK Fintel Wind. Wind generators and solar panels formed part of its strategy to develop green-energy production in Serbia. In parallel, MK Group built a tourism and real-estate portfolio. In December 2008 it acquired the Grand and Sunčani vrhovi hotel and property assets on Kopaonik. These assets were subsequently associated with MK Mountain Resort, which includes the Grand and Angella hotels, the Konaci apartment complex, and Sunčani vrhovi. Grand also became a venue for the Kopaonik Business Forum. The hospitality portfolio expanded outside Serbia. MK Group cooperated with Kempinski in relation to the Kempinski Palace hotel in Portorož and with Sheraton in connection with a Novi Sad hotel project. In November 2017, its subsidiary Istrian Hotels acquired the Skiper Resort complex in Istria, Croatia. In February 2018, the group increased its interest in Portorož Airport and became its majority shareholder. In June 2020, it acquired the Slovenian branch of Heta Asset Resolution after completing the required tender and competition approvals. Together, these transactions illustrate the group’s regional strategy of combining operating companies with long-term investments in agricultural, financial, energy, and tourism assets.
- 2021
Victoria Group sold to ADM Europe
[1]The Victoria Group businesses are sold to ADM Europe.
- 2020
Victoria Group majority acquisition completed
[1]MK Group completes the acquisition of a 67 percent stake in Victoria Group.
- 2020
Heta Asset Resolution Slovenia acquired
[1]MK Group acquires the Slovenian branch of Heta Asset Resolution after tender and competition approvals.
- 2019
Gorenjska Banka takeover completed
[1]AIK Banka completes the acquisition of full ownership of Slovenia’s Gorenjska Banka.
- 2018
Portorož Airport stake increased
[1]MK Group increases its ownership stake in Portorož Airport and becomes the majority shareholder.
- 2017
Skiper Resort acquired
[1]The group’s subsidiary Istrian Hotels takes over the Skiper Resort complex in Istria.
- 2017
Agro-Invest Ukraine majority stake sold
[1]Kernel Holding acquires a majority of the shares in Agro-Invest Ukraine.
- 2015
PIK-Bečej acquired
[1]MK Group acquires PIK-Bečej in a transaction reported at 45.5 million euros.
- 2011
Carnex acquired
[1]MK Group takes over Carnex, a Serbian producer of meat and meat products.
- 2008
Kopaonik hospitality assets acquired
[1]MK Group acquires the Grand and Sunčani vrhovi hotel and property assets on Kopaonik.
Products and positioning
A diversified Serbian regional holding company focused on agriculture and food production, with additional investments in banking, renewable energy, tourism, hospitality, and real estate.
Sugar production
Sunoko
Sunoko is MK Group’s sugar-industry subsidiary and is described as one of the leading sugar producers in Serbia and the wider region. Its operations are connected with the group’s management of sugar factories in Pećinci, Vrbas, and Kovačica, forming part of MK Group’s wider agricultural and food-production platform.
Meat and meat products · 1958
Carnex
Carnex is a Serbian meat-industry company established in 1958 and acquired by MK Group in 2011. Its activities include the production of meat and meat products, adding food processing and branded consumer products to MK Group’s primarily agricultural portfolio.
Agricultural inputs and wholesale
Agroglobe
Agroglobe is associated with the group’s agricultural supply and trading activities, including fertilizers and wholesale agricultural products. It complements MK Group’s crop-production, storage, and commodity-distribution operations.
Agribusiness
PIK-Bečej
PIK-Bečej is an agricultural enterprise acquired by MK Group in December 2015. The acquisition strengthened the group’s Serbian agricultural land, crop-production, and related agribusiness activities.
Renewable energy · 2007
MK Fintel Wind
MK Fintel Wind is the group’s renewable-energy platform, established in 2007. It develops electricity generation from wind-powered generators and solar panels and is associated with MK Group’s early participation in Serbia’s green-energy sector.
Hotels and resorts
MK Mountain Resort
MK Mountain Resort manages hospitality and real-estate assets on Serbia’s Kopaonik mountain. Its portfolio includes the Grand and Angella hotels, the Konaci apartment complex, and Sunčani vrhovi. The Grand hotel is also associated with the Kopaonik Business Forum.
Brand decisions
2020
Majority acquisition of Victoria GroupM&ABackground
MK Group expanded its agricultural-processing, logistics, soybean, oil, port, and animal-feed activities.
Action taken
The group completed the acquisition of 67 percent of Victoria Group.
Aftermath
MK Group became the majority owner of Victoria Group and its member companies; the businesses were later sold to ADM Europe in November 2021.
2015
Acquisition of PIK-BečejM&ABackground
The transaction supported MK Group’s expansion of its Serbian agricultural land and production base.
Action taken
MK Group acquired PIK-Bečej in December 2015.
Aftermath
PIK-Bečej became part of the group’s Serbian agribusiness portfolio.
Acquisition price. 45.5 million euros (December 2015)
2011
Acquisition of CarnexM&ABackground
MK Group sought to broaden its agricultural platform into food processing and branded meat products.
Action taken
The group took over Carnex, a Serbian meat-industry company.
Aftermath
Carnex became one of the notable food-processing companies associated with MK Group.
2008
Acquisition of Kopaonik hotel and property assetsM&ABackground
The group extended its diversification strategy into tourism and mountain-resort real estate.
Action taken
MK Group acquired the Grand and Sunčani vrhovi hotels and related Kopaonik properties.
Aftermath
The assets became part of the MK Mountain Resort hospitality portfolio.
Acquisition price. 23 million euros (December 2008)
Sources1 sources
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