Queenco Leisure International Ltd. (QLI) (AIM:QLI) will acquire half of a Greek company that has the rights to build and operate a new luxury marina and residential complex in Rhodes for €5 million plus a €570,00 loan. The new complex is adjacent to the company’s Casino Rodos.
QLI predicts that the complex will cost €60 million to build, and will be financed by non-recourse loans secured against the Greek company. QLI will not secure these loans.
QLI CEO Dror Mizeretz said, “This is an excellent investment which will increase QLI’s presence on Rhodes and help to expand the number of potential casino customers by attracting additional visitors to the island and will upgrade the accommodation facilities of the Casino. We believe that this new development will generate excellent returns for our shareholders and should fulfill the commitments for the casino license.”
QLI is controlled by Queenco Ltd. (TASE: QNCO) and Shahar Hamillennium (1991) Ltd. (TASE: SHML). The company operates nine casinos in Greece, Romania, and Serbia, and is planning to expand its operations in Eastern Europe.
Published by Globes [online], Israel business news - www.globes.co.il - on September 16, 2007
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