Minoan Group upbeat on passing of new Greece investor law

Minoan Group updated the market on the passing of “long-awaited” legislation in Greece on Thursday, relating to inward investment into the country.

The AIM-traded company focussed on tourism development in Greece said the new law was likely to have “significant benefits” for its Itanos Gaia project in Crete.

It said a new commercial, regulatory, and legal framework was being created by the legislation, designed to “maximise attractiveness” of Greece as a market for international investors while minimising planning and administration timetables and procedures.

The board said the law’s intention was to create a new "investor-friendly" environment in which the project would be advanced, as highlighted by the recent sale of a large plot of land in Crete to an “entity controlled by international investors”, for future tourism and leisure development.

“I am extremely pleased by the changes brought about by the new Law on Strategic Investments, which will be complemented by the new Development Law,” said Minoan chairman Christopher Egleton.

“Taken together with the numerous changes to planning laws, which Greece has enacted over the last few years, it means that current and future trends in tourism, including Minoan's Itanos Gaia Project, will allow the company to move forward with confidence.”

At 1508 GMT, shares in Minoan Group were down 10.86% at 1.16p.