The Finnish government has decided to donate roughly 50 million euros’ worth of shares in Neste to Itla Children’s Foundation.
The foundation, which is dedicated to promoting the well-being, equality and position of children and families with children in Finland, will receive a total of 922,168 shares and become the seventh largest shareholder in the majority state-owned energy company.
“These are each worth 51 euros according to yesterday’s closing prices,” Mika Lintilä (Centre), the Minister of Economic Affairs, said in a press conference at the Government Palace in Helsinki on Thursday.
The Finnish Parliament approved the donation ahead of the one-hundredth Independence Day of Finland.
Neste was a logical choice for the government due to its stability, advanced nature and high share value, according to Lintilä. “Neste was really the only company where the limits for state ownership didn’t pose a problem, because the Parliament has decided that the state must own 34 per cent, while the limit for the other [companies in direct state ownership] – Finnair and Fortum – is over 50 per cent,” he added.
The donation will reduce the government’s share of voting shares in the energy company to 49.74 per cent.
Pentti Arajärvi, the board chairperson at Itla Children’s Foundation, underlined in the press conference that the foundation is focused on a variety of research and other projects that aim to promote child well-being in Finland.
“Today’s children are a key resource for the future of our society,” he reminded.
“The healthier, more educated and well-balanced the children, the more certain can we be that the future will be bright. Children in Finland are better off than ever before, but at the same time there is still a lot of room for improvement,” added Arajärvi.
Aleksi Teivainen – HT
Photo: Antti Aimo-Koivisto – Lehtikuva
Source: Uusi Suomi