Central European Tour Operator "has approved the launch of sale of a block of shares in the company by way of an accelerated bookbuilding (ABB)," Novaturas said in a statement on Wednesday.

The shareholder plans to sell a stake worth of up to 5 million euros, but it may decide to increase the number of shares on sale in the ABB, it added.

Central European Tour Operator now owns 47.4 percent of Novaturas. Other shareholders include Ugnius Radvila with 9.49 percent, and Rytis Sumakaris and Vidas Paliunas with 6.86 percent each.

Novaturas is listed on the Vilnius and Warsaw stock exchanges.