INVL Technology, a company that invests in information technology businesses, has been issued a closed-end investment company (UTIB) license by the Bank of Lithuania. Under the company’s Articles of Association, UTIB INVL Technology will operate until 14 July 2026, with extension possible for a further two years.

Now that the company has obtained the status of a closed-end investment company, its management is hereafter assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltic countries.

Former INVL Technology CEO and Chairman of the Board Kazimieras Tonkūnas will hold the position of UTIB INVL Technology Managing Partner at INVL Asset Management.

The equity capital of INVL Technology, under the management of INVL Asset Management, was EUR 24.23 million as of 31 March 2016, or EUR 1.99 per share, which is 21 per cent more than the share price in the company’s 10-million-euro share offering last July (the offering price was EUR 1.65). INVL Technology seeks to generate a significant return for investors by focusing on increasing the value of the companies it controls.

Trading in the shares of the special closed-end investment company INVL Technology on the Nasdaq Vilnius exchange, which at present is temporarily suspended, is planned to resume when the Bank of Lithuania approves the company’s share prospectus for listing of the shares on the Nasdaq Vilnius exchange.

INVL Technology has invested in the Norwegian company Norway Registers Development AS with subsidiaries NRD UAB and Etronika UAB in Lithuania, Norway Registers Development East Africa Ltd. in Tanzania, Norway Registers Development Rwanda Ltd. in Rwanda and Infobank Uganda Ltd. in Uganda. It has also invested in BAIP UAB with its subsidiary Acena UAB, NRD CS UAB and Algoritmu Sistemos UAB, all in Lithuania, and Estonia’s Andmevara AS with its subsidiary Andmevara SRL in Moldavia.

INVL Technology’s largest shareholders are Alvydas Banys (5.08 per cent) and the company LJB Investments which he controls (19.91 per cent), Invalda INVL (15.69 per cent), Irena Ona Mišeikienė (12.04 per cent), Lietuvos Draudimas (7.47 per cent) and Kazimieras Tonkūnas (5.55 per cent).

INVL Asset Management manages pension and mutual funds, individual portfolios and other financial instruments. As of the end of 2015, it had assets under management of EUR 266.7 million and provided services to 118,000 clients.

INVL Asset Management is part of Invalda INVL, one of the Baltic region’s leading asset management groups. Companies in the group manage pension and mutual funds, alternative investments, individual portfolios, private equity and other financial instruments. More than 150,000 clients in Lithuania and Latvia as well as international investors have entrusted them, according to data for the end of the first quarter of this year, with assets valued at EUR 340 million.