Minoan Group eyes imminent Greek approval for Crete project

30th Dec 2015 08:07

(ShareCast News) - Shares in Minoan Group charged higher as the company's plans for a major holiday development on the Greek island of Crete neared final approval.The AIM-listed company said it has been advised that the Greek government's approval of the presidential decree was "now reaching its final stages", after the project received a unanimously approval by the plenum of the Greek Council of State in October.Once the decree is issued, Minoan's Cretan joint venture partners, Candia Investment Corporation, will need to decide whether to pay £12.5m to increase their stake in the project by 25%.Bringing this decision forward "will provide greater visibility during discussions with other potential partners, which can now take place at a substantially earlier date", Minoan said.In light of Greece's need for new foreign direct investment, the new government has relaxed planning procedures to speed up and simplify the previous extremely complex rules and to give investors greater certainty and security.Minoan's Crete project will include the development of a number of small to medium-sized hotels in the northeastern Cavo Sidero peninsula with "extremely high" standards of service and environmental credentials, which will be part funded by "financial and other partners of substance".Minoan's shares were up 12% to 7.81p by 1000 GMT on Wednesday, where they are less than half their two year high.