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State ownership structure of Cinia Group to be simplified

State ownership structure of Cinia Group to be simplified

Press release 13.06.2017 08.30 fi sv en

Cinia Group Ltd, a subsidiary of Governia Oy, will be transferred to direct state ownership. Responsibility for ownership steering of Cinia Group Ltd will be reassigned to the Ministry of Transport and Communications. Cinia is owned by the state, employment pension company Ilmarinen and OP Financial Group.

The Government's Ministerial Committee on Economic Policy decided on the transfer on 6 June 2017.

Cinia is a Finnish company specialising in information and communications technology. Cinia is a telecom operator and provides a wide selection of specialist and connection services in ICT as well as development services in communications-intensive systems and software. It operates its own telecommunications networks as well as those owned by its customers. Its clientele mainly comprises providers of services with critical importance to society.

The aim of Cinia's owners is that the company will focus on its current core business and invest in construction of telecommunications infrastructure that has significant societal impact. Fast, secure and reliable high-capacity data connections provide companies in Finland with an efficient basis for real-time, global business. Important projects in the near future are the promotion of the Northeast Passage cable and, to support that, the strengthening of Finland's trunk network. The investments are meant to be carried out on market terms.

Finland is located on the short route between Europe and Asia, which makes it an important transit country in telecommunications. This position can be significantly strengthened by the Northeast Passage cable connection and a new, fast communications route from Asia to Europe. So the risk related to the reliability of telecommunications connections between Europe and Asia would be reduced, which is of great importance to banks, stock exchange trading, online business and the progress of the internet of things, 5G and robotisation.

The objective is to increase Finland's international competitiveness by data traffic investments and to reduce vulnerability of the Finnish information society. Development of the Northeast Passage cable has been selected as one of the key projects in this government term.

Inquiries:

Risto Murto, Director of Unit, tel. +358 40 505 3320