Otovo closes sale of Holu, with a gain of NOK 17m and positive cash effect of NOK 24m

07 Feb 2023 07:30 CET

On December 21st 2022 Otovo announced that Otovo had agreed to sell its 34%
stake in Holu to Gera Brasil Tecnologia Ltda. (Gera), the majority shareholder
of the associated company.

The contract was signed on February 2nd 2023, and the sale closed on February
3rd. The price obtained is equal to the capital injected since 2019, plus an
additional 5 percent premium, which with prevailing exchange rates adds up to
NOK 24 million (EUR 2.2 million). Otovo accounted for Holu as an associated
company under the equity method and expects to report a gain on disposal of
associated company of approximately NOK 17 million. The final number is pending
completion of the Financial Statements of Holu for 2022 as well as the financial
results of Holu in the period from 1 January 2023 until closing.

The positive cash effect is NOK 24 million for Q1 2023.

The sale concludes the phase in which Otovo are owners in Holu, but the company
remains a partner for Otovo and continues as a software customer.

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