Novaturas informs on investor’s notifications to competition authorities
AB Novaturas informs that its shareholder Mr. Neset Kockar, who currently holds a 23.2% shareholding in the company, has submitted notifications to the competition authorities of Lithuania, Latvia, and Estonia. This step has been taken as a precautionary measure, as Mr. Kockar has been further considering an increase in his shareholding, potentially up to approximately 33%.
The company notes that this submission of notifications to competition councils does not represent a new development, but is the continuation of procedures already foreseen. As announced earlier, from the very beginning of his investment in the company, Mr. Kockar planned to acquire a shareholding of around 33%.
Under competition rules, a 33% shareholding may, in certain circumstances, be considered to constitute “sole control” of the company. This interpretation arises due to the historically low attendance rates and voting patterns at general meetings of AB Novaturas over the past three years. Based on this, it is likely that a 33% shareholding could result in Mr. Kockar holding a de facto majority of the votes at shareholders' meetings, if shareholder participation trends remain the same.
As a precaution and in accordance with competition law requirements, Mr. Kockar is therefore seeking prior approval from the competition authorities in Lithuania, Latvia, and Estonia before proceeding with any further share acquisition.
AB Novaturas is cooperating with Mr. Kockar and providing the information necessary for the authorities to carry out their assessment procedures.
About the company
The Novaturas Group is a tour operator offering the widest range of travel destinations from the Baltic States. It has been operating in the region for more than 25 years. The company offers summer and winter recreational, sightseeing, exotic, skiing, workation and group trips to many destinations worldwide. According to audited data, in 2024, Novaturas Group recorded revenues of EUR 201 mln. and served 239 thsnd. passengers in Lithuania, Latvia and Estonia.
For more information:
Auksė Kriaučiūnaitė
Interim CFO
