Finnvera acquired majority holding in Matkailunkehitys Nordia

Through a deal concluded on 12 December 2003, Finnvera plc acquired 26.67 per cent of the shares of Matkailunkehitys Nordia Oy from the Finnish National Fund for Research and Development (Sitra). After this deal, Finnvera¿s holding totals 60 per cent. The acquisition of shares is associated with the organisation of capital investment activities among State-owned specialised financing companies.

Matkailunkehitys Nordia Oy is a regionally operating capital investment fund that invests in enterprises providing tourism and leisure services. The leading principle in the company¿s operations is effective development of investment targets together with entrepreneurs. Contrary to the general situation in the capital investment sector, the company¿s operations have in recent years been fairly profitable and successful. Responsibility for the management of the fund and for the development of investment targets rests with Nordia Management Oy.

At present, the company has investments in 18 enterprises. Last year, the investment targets provided permanent jobs for about 900 people. During the peak season the figure was 1,300 people, most of whom worked in Northern Finland.

For further information:
Veijo Ojala, Director, Field Operations, tel. +358 (0)20 460 7405
Vesa Lehtomäki, Director, Development, Sitra, tel. +358 (0)9 6189 9287