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Dolphin postpones resorts, may buy back shares

If we put villas on the market and we discover that nobody wants to buy, we will just delay it and wait for six months until the market recovers.

LONDON, Feb 20 (Reuters) – South-eastern Europe resorts developer Dolphin Capital Investors (DOLC.L) said it had postponed construction of its projects, and would delay putting them up for sale until the global financial crisis ends.

The London-listed firm owns 15 sites, mainly in Greece and Cyprus, on which it had wanted to build resort facilities such as hotels and golf courses, as well as 5,000 villas it hoped to sell at up to 10 million euros ($12.6 million).

If we put villas on the market and we discover that nobody wants to buy, we will just delay it and wait for six months until the market recovers,” chief executive Miltos Kambourides told Reuters in an interview on Friday.

We are prepared to hold the projects for the next 30 years if we need to. The land doesn’t go bad,” he said.

Kambourides said he would not rule out the company conducting further share buy-backs to support its share price.

© Thomson Reuters 2009

Editor’s Note

In 2007 Dolphin Capital Investors secured an 85% stake in Aristo Developers Plc (Aristo) and delisted it from the Cyprus Stock Exchange.

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