Shares of Glasgow-based travel firm Minoan Group rose about 8% after it said the presidential decree required for a joint venture resort it is planning on the Greek island of Crete was reaching its final stages.
“The Company has been advised that the process for approving the presidential decree, which resembles an outline planning consent, is now reaching its final stages,” said Minoan in a statement.
Minoan said the terms of the joint venture it announced in June 2012 have been amended to take account of changed planning procedures.
It said the right of its joint venture partners to increase their stake in the project by 25% at a cost of £12.5 million will be triggered when the presidential decree is issued.
“Recognising the changes in planning procedures in this manner has the effect of bringing forward the date on which the joint venture partners have to decide whether to purchase the additional stake,” said Minoan.
“This will provide greater visibility during discussions with other potential partners, which can now take place at a substantially earlier date.”