11th Mar 2016 15:19
LONDON (Alliance News) - Minoan Group PLC shares rose on Friday after the company was granted approval by Greek officials to use the land required to develop its resort project on the island of Crete, which its chairman described as a "transformational event" for the firm.
Minoan shares were up 26% to 12.74 pence per share on Friday afternoon.
The travel agency operator said it received verbal confirmation from officials late last month, but said Friday the planning rules for the project are now "enshrined in law."
The President of the Hellenic Republic of Greece, Prokopios Pavlopoulos, has signed the decree and it has been published in the Government Gazette Friday, the company said.
Christopher Egleton, the chairman of Minoan which said the importance of the decree could not be "overstated" last month, called the approval a "transformational event" for the company that allows it to accelerate discussions regarding the development of the project.
Back in December, Minoan said the joint venture agreement covering the project had been altered so that its joint venture partners would 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%.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Minoan