Arctia Ltd to be part of the administrative branch of the Ministry of Transport and Communications, Cinia Ltd to be subject to ownership steering by the Prime Minister’s Office

Arctia Ltd to be part of the administrative branch of the Ministry of Transport and Communications, Cinia Ltd to be subject to ownership steering by the Prime Minister's Office

(Photo: Shutterstock/Jarmo Piironen)

The responsibility for the ownership steering of Arctia Ltd will be transferred from the Ownership Steering Department of the Prime Minister's Office to the Ministry of Transport and Communications. On 22 August 2024, the Government issued a decree amending the Decree on the Ministry of Transport and Communications and a decree amending the Decree on the Prime Minister's Office.

At the same time, Arctia will change from a company of strategic interest to a special assignment company. This means that it has a state-defined political or other mission related to business and industry or society, or some other special role.

Arctia provides services in icebreaking, fairway maintenance and hydrographic surveying. Icebreaking services are vital for Finland's economy and the competitiveness of business life and they are an essential part of the transport system. A very significant part of Finland's foreign trade volumes is transported by sea. Icebreaking services are needed to ensure reliable and predictable operating conditions for winter navigation.

In addition to icebreaking services, the state of Finland has an ownership interest in Arctia in relation to the security of supply in fairway maintenance and planning and in hydrographic surveying.

At this point, the ownership steering of Cinia Ltd will be transferred from the Ministry of Transport and Communications to the Prime Minister's Office. The change is based on the Programme of Prime Minister Petteri Orpo's Government and on the Government Resolution on Ownership Policy.

Cinia is a company of strategic interest with a mission to strengthen Finland's digital connections and cyber security by diversifying international telecommunications connections and developing systems critical to society.

The amendments will enter into force on 30 August 2024.

Inquiries

Miikka Rainiala, Director of Unit, Ministry of Transport and Communications, tel. +358 295 342 051, [email protected]

Sinikka Mustakari, Ministerial Adviser, Ownership Steering Department, Prime Minister's Office, tel. +358 295 160 159, [email protected]

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