Novaturas Group announces its 3 new shareholders
Following the withdrawal of the Central European Tour Operator from the shareholders on 2nd June, the management of Novaturas Group received notifications from three new investors.
"We value investor confidence and accept it as a belief in the sustainable future prospects of our business. We, like the global tourism business, are particularly hard hit by the constraints of COVID-19, but we have taken many steps to manage the situation.
Adapting to the circumstances, we have also started local tourism, and from July we plan to resume some activities and start trips from all Baltic countries to Greece and Bulgaria. We are constantly monitoring the situation and following the recommendations of the responsible institutions, so as soon as the situation in other countries improves, we are ready to resume all our operations to get back on track", says Audronė Keinytė, CEO of Novaturas Group.
Three companies from Estonia are among the new shareholders of Novaturas Group. 10.25 percent of shares were acquired by Rendez Vous OU, a company operating in Estonia. Its CEO, Janek Pohla, is the founder and member of the management board at Tahe Outdoors. Tahe Outdoors has been a successful manufacturer and distributor of water sports equipment for more than 25 years and is one of the leaders in the field in Europe. The company operates 4 factories in Estonia, Germany, and France, with distribution and sales offices located in the USA, Australia, and Japan.
9.99 percent of shares of Novaturas Group were acquired by company Moonrider OU related with Estonian investment company Go Group, which operates in the fields of tourism, transport, real estate and engineering. Go Group has been operating since 2005 and also owns Go Travel, one of the largest and longest-running travel agencies in Estonia. Go Travel is a long-term business partner of Novaturas Group subsidiary in Estonia.
Another 5.25 percent of shares of Novaturas Group are now owned by the Estonian group of companies Rondam AS, established in 1993 in Tartu. Companies, belonging to the Rondam AS group, operate the largest hotel in Tartu Dorpat with the spa center, as well as one of the best-rated hotels in Tallinn, Lydia. The owner of Rondam AS also owns Estiko Group which is engaged in accommodation services, real estate development and management, and manufacturing businesses.
As of today, 9.99 percent of shares of Novaturas Group are owned by ME Investicija, controlling also Girteka Logistics, 9.49 percent - by Ugnius Radvila, Vidas Paliūnas and Rytis Šūmakaris each owns 6.86 percent 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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