Central European Tour Operator informed about its withdrawal from Novaturas Group shareholders
Today Management Board of Novaturas Group received a notification from the Central European Tour Operator about its withdrawal from the Company's shareholders. Who bought the shares is not yet announced, this information will be disclosed in the nearest future.
Central European Tour Operator is a company belonging to the Polish Enterprise Fund VI, managed by Enterprise Investors. The fund invested in the Novaturas Group back in 2007. Central European Tour Operator owned 34.42% of shares of Novaturas Group.
As of today, 9.99% of shares of Novaturas Group are owned by ME Investicija, controlled by Girteka Logistics, 9.49% - by Ugnius Radvila, Vidas Paliūnas and Rytis Šūmakaris each owns 6.86% of shares.
About Novaturas Group
Novaturas Group is the leading tour operator in the Baltics states. Since 21 March 2018, Novaturas shares have been dual-listed on the Warsaw Stock Exchange and on Nasdaq Vilnius.
Novaturas was established in 1999, became the market leader in the Baltics in 2004. Aside from the Baltics, Novaturas has begun offering its products in Belarus, where they are retailed through local partners.
Novaturas continues to attract new clients thanks to its attractive and diverse offering and the high quality of its services. The Group offers both summer and winter package holidays as well as sightseeing tours by coach or plane to more than 30 destinations worldwide, including the most popular holiday resorts in Southern Europe as well as select locations in North Africa, the Middle East, Asia and Latin America.
The Group's strategy also aims to retain diverse and complementary distribution channels. Novaturas works with over 400 travel agencies, including all of the major agencies in the Baltics. It also operates retail offices of its own in main cities of Lithuania, Latvia and Estonia, and is investing in further development of its e-commerce channel.
The Company’s asset-light business model, which is characterized by strong cash flows from operating activities and low capital expenditures, allows it to pay out a large part of its earnings to shareholders. Paying regular dividends is one of the key elements of the Company's strategy. Every year the Management Board expects to propose for distribution 70-80% of the Company’s net profit.
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