Minoan Seeks Capital Increase for Fleet Renewal Program

Tuesday, May 29, 2001
Greek ferry operator Minoan Lines plans a capital increase to partly finance its fleet renewal program but may opt to sell non-core holdings if stock market conditions do not improve, it said in a statement.

Minoan has already taken delivery of three new ferries and expects five additional vessels. Its investment program is financed by bank loans, 70 percent, and own equity.

The company said that should it decide to dispose of its 24 percent stake in Internet service provider Forthnet, this will not be liquidated in the market.

Minoan will seek to sell the stake to a strategic investor accepted by Forthnet management, it said.

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