White Olive Hotels announced that it has entered into agreement for private placement of 95,910 common shares for €108.35 per share for a gross proceeds of €10,391,849 on February 18, 2020. The transaction will include participation from new investor Fundusz Ekspansji Zagranicznej Fizan, a fund managed by PFR Towarzystwo Funduszy Inwestycyjnych S.A. subscribing for 83,068 shares for €9,000,418 and returning investor Rainbow Tours S.A. subscribing for 12,842 shares for €1,391,431. The transaction is approved by the board of the company and is subject to its shareholders approval at the general meeting. After the completion of the transaction, Rainbow Tours S.A. will hold 68.97%, and Fundusz Ekspansji Zagranicznej Fizan, a fund managed by PFR Towarzystwo Funduszy Inwestycyjnych S.A. will hold 31.03% stake in the company.