Shares in Glasgow-based Minoan Group rocketed yesterday on the news that it has received approval from the head of the Council of State to build a luxury holiday resort in Crete.
Shares in the company had been sliding, but they rose 20% to 10.95p Wednesday afternoon, making the company one of the best performers in the AIM All-share.
The rise followed an announcement that a draft presidential decree for its 26 square kilometer resort has been unanimously approved by the Plenum of the Greek Council of State. It has been signed off by the President of the Council of State.
The decree will now be forwarded to relevant ministers in Greece for final approvals, Minoan said.
It is planning a luxury holiday resort on a Cavo Sidero in Crete, which will consist of holiday villages, golf courses, a marina, and a conference centre.
The company said it will make a further announcement ‘as and when appropriate’.
