(Alliance News) - Minoan Group PLC on Monday said it has seen increased investor interest in Greece and has raised GBP187,000 via a placing.
The Surrey-based Greek hotel investor said despite the heavy impact of Covid-19 on the tourism sector, it has been encouraged by an upturn in investor sentiment towards Greece and its real estate and tourism industries.
"The importance of tourism to the Greek economy cannot be overstated and this, plus investor sentiment, are being reflected not only in ongoing Greek government initiatives but also by the interest being shown in the company's project in Crete from an ever increasing number of potential commercial partners," Minoan said.
Minoan is currently developing a resort in Crete.
Minoan expects to be able to progress with "one or more of these" once discussions with all interested parties have been concluded.
In light of these movements, Minoan has appointed the consulting division of a "top four" accountant with major expertise in the tourism market to refine its business plan, a process which is largely complete, in order to assist in achieving a successful outcome.
Additionally, Minoan said it raised GBP187,000 via a placing of 17 million shares at 1.1 pence each.
Minoan shares sunk 24% at 1.11 pence each in London on Monday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Minoan (MIN)