The appeals against the presidential decree that granted land use approval for the project were dismissed. Minoan now effectively has planning consent for the project.
"As a result of the Greek Supreme Court's decision, the company can now accelerate the development of the project, which will include, inter alia: the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties,” said Christopher Egleton, chairman of Minoan.
It also means the company’s long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can continue, Egleton added.
“This decision represents the successful culmination of many years of hard work by everyone in the company with the patience and support of the company's shareholders,” Egleton added.
Shares in Minoan were up 25% at 10.63p in mid-morning trading.