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Assets of the Shipping Enterprise Finstaship to Arctia Holding Oy

Assets of the Shipping Enterprise Finstaship to Arctia Holding Oy

Press release 22.12.2009 12.29 fi sv en

Finland's Ministry of Transport and Communications will transfer the assets and business operations of 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 assets, the intellectual property rights and the business operations of the Shipping Enterprise Finstaship, excluding the fairway service business, to Arctia Holding Oy and to sign the relevant transfer document.

The value of the transfer amounts to around 72.6 million euros as a contribution in kind. Against the assets, the Ministry, acting on behalf of the state, subscribed shares of Arctia Holding Oy in connection with an increase in its share capital (18,697,500 euros).

Arctia 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, Arctia Shipping Oy. Its sphere of operation will be the provision of icebreaking services, special services using multipurpose vessels, ferry services and other activities serving waterborne traffic in Finland and abroad. It will also engage in vessel management and chartering in Finland and abroad.

Personnel of the Shipping Enterprise Finstaship, around 400 people, will transfer to the employment of Arctia Shipping Oy as of 1 January 2010. The company will take out a supplementary pension insurance for the personnel to be transferred. The Shipping Enterprise's fairway service business and the personnel of that business will transfer to the employment of Meritaito Oy that is to be established at the same time.

The opening balance of Arctia Holding Oy will be around 157.3 million euros, of which equity will total 72.6 million euros. The company's equity ratio will be 46.2 per cent.

Further information:

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
Ms Rita Linna, Ministerial Adviser, tel. +358 9 160 28559, +358 40 582 9699