Minoan Group To Resume Energy License Buying To Diversify

18th Jun 2010 07:30

LONDON (Dow Jones)--Leisure resort developer Minoan Group PLC (MIN.LN) Friday said it is planning to kick off its buying spree of renewable energy licenses as it looks to diversify its business. The company said it will resume its program of license acquisition when it is satisfied with new legislation in Greece for renewable energy projects. Minoan, which is developing its Cavo Sidero project in northeastern Crete, said it expects any acquisition to be made through a special purpose vehicle, almost certainly with external partners that it is currently talking with. For the six months to March 31, Minoan posted a pretax loss of GBP562,864, compared with a pretax loss of GBP673,519 in the same period a year earlier. The company has yet to report revenue. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires June 18, 2010 02:30 ET (06:30 GMT)