HELSINKI: Finland’s government investment arm Solidium has acquired a 3.3 percent stake in Nokia at a cost of about €844 million to strengthen Finnish influence over the telecom network gear maker.
“We believe that this will be a good investment. One must remember that Nokia is Finland’s largest company and its Finnish ownership has been rather thin,” Solidium CEO Antti Makinen said.
He said Solidium was not seeking a seat on Nokia’s board at an upcoming shareholder meeting but that it could look at that option going forward.
He noted that Solidium has this year taken a more active role in the boardrooms of the companies it owns stakes in.
Nokia ruled the global mobile phone market a decade ago and was a dominant economic engine for the country, providing 4 percent of its GDP and 20 percent of its exports.
The collapse of Nokia’s former phone business was a major reason for Finland’s decade of stagnation from which it is only just recovering.
According to Nokia’s webpage, three Finnish pension funds at this point own less than 3 percent of Nokia.
Nokia is nowadays focused on the telecom network industry where it competes with Sweden’s Ericsson and China’s Huawei.
“The appealing factors for us are the company’s strong market position combined with broad technological expertise,” Makinen said.
Solidium’s mandate is to own significant Finnish companies with an idea to keep them “more or less Finnish,” Makinen said in an interview last month.
Solidium manages minority holdings in 13 listed Finnish companies which mainly originate from an era of state-led industrialization.
Solidium trimmed its stake in Telia and Sampo in the past weeks to finance the investment in Nokia.
Finland takes stake in Nokia to boost national ownership
Finland takes stake in Nokia to boost national ownership
Saudi Exports launches ‘Saudi Crafts’ brand at ‘Made in Saudi’ exhibition in collaboration with Heritage Commission
RIYADH: Saudi Export Development Authority, known as Saudi Exports, represented by the “Made in Saudi” program, in collaboration with the Heritage Commission, has officially launched the “Saudi Crafts” brand as a sub-brand under the national “Saudi Made” umbrella, coinciding with the Year of Handicrafts.
The announcement was made during the third edition of the “Made in Saudi” exhibition, held at the Riyadh International Convention and Exhibition Center in Malham from Dec. 15 to 17.
The launch builds on the initial unveiling of the brand during the Saudi International Handicrafts Week, also known as Banan, in November, marking a new step in developing the handicrafts sector, empowering male and female artisans, and strengthening the presence of their products within the national industrial ecosystem.
The “Saudi Crafts” brand aims to showcase Saudi handicrafts as products that embody creativity, authenticity, and quality, presented in a contemporary manner that enhances their competitiveness in local and global markets under the national “Saudi Made” brand.
This year’s Made in Saudi exhibition has allocated dedicated spaces to display artisans’ products, highlight national craftsmanship skills, and connect artisans with supporting entities and potential buyers, boosting growth opportunities and reinforcing the role of Saudi handicrafts as part of the Kingdom’s cultural and economic identity.
The official launch of the Saudi Crafts brand represents a significant milestone in joint national efforts to develop creative industries, support the sustainability of local crafts, and expand the presence of Saudi products in domestic and international markets.
