Minoan Group shares have rallied by almost 20 per cent after the company confirmed that the final process for approving its Greek investment project is under way.
The group, based in Glasgow since it began developing its Stewart Travel division, has been dogged for the past year by the effect of the political turmoil in Greece on its major Cretan leisure development.
It secured a draft presidential decree approving the project in March, since when the shares have halved during the Greek bail-out and general election. Although there is still no firm announcement from Athens, the shares rose 1.38p to 8.75p on the company statement noting a recent share price rise and press comment in Greece and the UK.
Minoan said: “The turbulence of the last six months has lessened and the country appears to be entering a period of greater stability with the new government now in place.” The draft decree had been unanimously approved by the Plenum of the Greek Council of State and only had to be endorsed by the government prior to being issued by the president.
“Since the election there have been numerous statements, interviews and speeches by various ministers and the prime minister proclaiming the need for new investments in Greece,” Minoan said.
The final process for the issuance of the decree required it to be endorsed by the relevant ministers. “The company understands that this process is now under way,” it added.
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