21st Mar 2014 09:24
LONDON (Alliance News) - Minoan Group PLC Friday said the Local Municipality of Sitia in Crete has reaffirmed its support for its project on the Mediterranean island.
The travel company is planning a luxury holiday resort on a 26 square kilometre site at Cavo Sidero in Crete, comprising holiday villages, golf courses, a marina, and a conference centre.
Last year the company submitted a strategic environmental assessment (SEA) for the project to the relevant authorities.
At a meeting held by the Municipality on Tuesday, the details of the assessment were discussed with emphasis being placed on its environmentally friendly and model character. Following the discussion, the Municipal Council voted in favour of recommending the approval of the SEA.
"I am delighted to have this confirmation that the local community supports the Project and is looking forward to the benefits it will bring to the area," Chairman Christopher Egleton said in a statement.
"The Municipality vote is part of the public consultation process, which should be completed at the end of the month," he added.
The stock was trading at 16.69 pence Friday morning, up 0.82 pence or 5.1%, making it one of the top gainers on AIM.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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