"Welcome to the Minoan Group Plc website..."

You are currently reading...

» GREEK GOVERNMENT GRANTS CRETE PROJECT FAST TRACK STATUS

Friday, September 21st, 2012 - Author: Minoan Group

Fast Track is designed to facilitate strategic investment projects and accelerate their approval

Minoan Group Plc, the AIM listed travel and leisure company, is pleased to announce that its Crete
Project (“the Project”) has been granted Fast Track status by the Greek Government.
The decision was taken by Greece’s Interministerial Committee for Strategic Investments, which is
responsible for approving projects for Fast Track, after Invest in Greece S.A. (“IIG”), the country’s
official investment promotion agency, had evaluated and approved the application.

The Fast Track process is part of the significant changes to Greece’s investment laws designed to
facilitate strategic investment projects. IIG will coordinate the overall planning procedure.
Christopher Egleton, Chairman of Minoan, commented:

“We are delighted that the Greek Government has granted our Crete Project Fast Track status. It is
definitely the most significant step yet in terms of bringing the Project to fruition and demonstrates
the Greek Government’s support for what is now recognised as a strategic investment for the country,
one which we believe will yield significant economic benefits including the creation of approximately
1,200 jobs.

We are particularly grateful to the Greek Government for its efficient handling of this process, which
has allowed us to cooperate effectively in addressing any issues as they have arisen. The new
investment legal framework is designed to attract necessary foreign direct investment, like the Project,
to the country.”

The Candia Investment Corporation which, as announced on 20 June 2012, is Minoan’s
financial joint venture partner in the Project investing £2 million for a 10% interest in the
Project with the right to purchase a further 25% for £12.5 million, stated:
“Candia is delighted with the news of the Fast Track status and its significant impact on the Project.
We look forward to a rapid conclusion of the planning process.”

Please view our announcements for more information.
View Our Announcements In Full.

« Back to Previous Page