Minoan Lines S.A. announces that the sale procedure of H/S/F Ariadne Palace has been concluded to the Italian company MOBY S.P.A. The total sale proceeds will be Euro 90.0 million while the estimated capital gains of approximately Euro 11.0 million will be included into the financial results of 2006.
The subject sale is done in the framework of companys strategic plan for increase of utilization rates and rationalization of the North Adriatic routes. Moreover, it will contribute substantially to the improvement of companys liquidity as well as to the reduction of debt.