During the Shareholders Meeting that took place on the 7th March the shareholders of investment in information technology businesses company INVL Technology approved the company‘s transition to a closed-end investment entity.
New Articles of Association, administration agreement with INVL Asset Management UAB – a licensed asset management company, controlled by the subsidiary of one of the largest investment and asset management groups in Baltic countries Invalda INVL AB – and depository agreement with SEB Bank AB (as the custodian of INVL Technology AB assets) were also approved.
Planned term of closed-end investment company – 10 years (with an option to extend for 2 more years).
Upon receiving the closed-end investment company license, the activities of the company will be regulated by the Bank of Lithuania which provides additional protection to the investors.
INVL Technology operates as a cluster of B2B- and B2G-oriented IT businesses with a focus in four key areas: business climate improvement and e-governance, IT infrastructure, cyber security and IT intensive industries‘ solutions.
The largest INVL Technology investments currently are companies in Lithuania, Norway, Tanzania, Uganda and Rwanda: Norway Registers Development AS with subsidiaries NRD UAB, ETRONIKA UAB, Norway Registers Development East Africa Ltd, Norway Registers Development Rwanda Ltd and Infobank Uganda Ltd, BAIP UAB with subsidiary Acena UAB and NRD CS UAB.
Current capitalisation of INVL Technology is around EUR 22.6 million.