Waterway maintenance and business operations to Meritaito Holding Oy
Finland's Ministry of Transport and Communications will transfer the production operations of the Maritime Administration and the assets and business operations of the fairway service at the Shipping Enterprise Finstaship to a state-owned company that will start operation in the beginning of 2010. Ms Anu Vehviläinen, Minister of Transport, signed a transfer document on 22 December 2009.
On 10 December 2009 the Government authorised the Ministry to act on its behalf and transfer the production operations of the Maritime Administration and the assets, the intellectual property rights and the business operations of the fairway service at the Shipping Enterprise Finstaship to Meritaito Holding Oy and to sign the relevant transfer document.
The value of the transfer amounts to around 14.8 million euros as a contribution in kind. Against the assets, the Ministry, acting on behalf of the state, subscribed shares of Meritaito Holding Oy in connection with an increase in its share capital (3,415,500 euros).
Meritaito Holding Oy, which was established in the beginning of December, operates in the company's start-up phase. From 1 January 2010 the company will continue as a state-owned company, Meritaito Oy. The company's sphere of operation will be waterway management; canals and their maintenance; duties related to prevention and combat of environmental damage; hydraulic engineering; planning and specialist services; hydrographic surveys; and other duties related to waterways and hydraulic engineering. The company may be engaged in operations in Finland and abroad.
Personnel involved in the production operations at the Maritime Administration, around 280 people, and personnel in fairway services at the Shipping Enterprise, around 30 people, will transfer to the employment of Meritaito Oy as of 1 January 2010. The company will take out a supplementary pension insurance for the personnel to be transferred.
The opening balance of the company will be around 24.1 million euros, of which equity will total 14.8 million euros. The company's equity ratio will be 45 per cent.
Mr Kari Jääskeläinen, Special Adviser to the Minister of Transport, tel. +358 440 581 030
Mr Mika Mäkilä, Director of Corporate Policy Unit, tel. +358 9 160 28475, +358 40 595 6068
Mr Hannu Hautakangas, Project Manager, tel. +358 9 160 28308, +358 40 773 3405