S&B Industrial Minerals S.A. has increased its participation in the real estate development project company DolphinCI S&B Holdings Ltd, from 25% to 75%. More specifically, through its affiliate Sibimin Overseas Ltd., S&B acquired Dolphin's 50% share in the project holding company, for a total consideration of euro 4.5 million.
DolphinCI S&B Holdings Ltd. was formed as a partnership with the purpose to acquire the necessary land and to develop a tourist resort, in coexistence with S&B's mining activities on the Trachylas peninsula on the island of Milos. Through this partnership significant land was acquired and preliminary architectural designs were drawn, with the cooperation of an international architectural house specialised in first class resorts. Thus, in effect, through the transaction announced, S&B becomes the majority owner of both the land acquired through the partnership (additional to the land S&B already owns on the Trachylas peninsula for its mining operations) and the architectural designs for the potential development of a tourist resort in the area.
S&B's CEO, Mr. Efthimios Vidalis commented, "By increasing our stake, we will be better positioned to define the role and destiny of our total real estate assets on the Trachylas peninsula of Milos, of about 220 hectares. Thus, S&B's perlite mining activity on this peninsula with substantial reserves, initiated many decades ago, can best be combined with a potential real estate tourist development in this area. Sustainable and balanced development has always been at the heart of our endeavours. We believe that this transaction allows us to act in the best long term interests of both our mining activity and our real estate assets development in alignment with the tourist activity of the island."