30th Dec 2015 07:45
LONDON (Alliance News) - Travel company Minoan Group PLC on Wednesday said it has been advised the presidential decree approval process for its resort project in Crete is close to completing and said the terms of its joint venture agreement have been amended.
Minoan said the joint venture agreement has been altered so that its joint venture partners will have the right to increase their stake in the project by 25% for GBP12.5 million after the presidential decree is issued. The partners, which include Candia Investment Corp and others, currently hold 10%.
Minoan said this will bring forward the date at which the partners will have to decide whether to buy an additional stake in the project, providing more visibility in its talks with other potential partners.
By Sam Unsted; [email protected]; @SamUAtAlliance
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