LONDON (Alliance News) - Minoan Group PLC on Thursday said in agreed to sell Stewart Travel Ltd to Zachary Asset Holdings Ltd for a headline consideration of GBP6.6 million.
Minoan shares were trading 21% lower on Thursday at 4.34 pence each.
The transaction follows Minoan's decision to dispose its Travel & Leisure division to reduce debt. The company also noted that completion of the sale of the division will allow it to concentrate on optimising the value of Minoan's project in Crete.
In the financial to the end of October 2017, Stewart Travel generated revenue of GBP8.7 million and pretax profit of GBP488,088.
With the disposal of Stewart Travel, the company said it will be seeking additional funding in the near term in order to continue to meet its costs and to advance the project.