President Sauli Niinistö makes surprise stock purchase

president Sauli Niinistö has held shares in Festivo Finland Oy, a refrigeration equipment manufacturer from Gotholle, for more than ten years.

However, the shared skies that began in 2013 ended in June.

At the time, Niinistö sold the remaining approximately 2% of the company’s shares To Timo Seppalato one of the owners of Festivo Finland.

– It turns out that he no longer has any reason to be involved, Seppala told Ilta-Sanom.

Ilta-Sanom Information shows that the share purchase price is approximately 40,000 euros, less than half of its purchase price.

The reason for the fall in Niinistö’s share price is that the company is operating at a heavy loss. For example, the group lost more than 3.5 million euros before tax last year.

Niinistö’s stake in Festivo Finland peaked at around 4-5% and he initially invested 160,000 euros in the company.

He had sold his shares three times before the most recent sale in June. Niinistö would not comment on the sale prices.

– I have sold most of my possessions in several different stores over the years. I always sold when there was a desire to buy. That’s why I am selling now, Niinistö told Ilta-Sanom.

”

All in all, I’m very happy with this investment.

Regardless, he describes his investments as successful.

– All in all, I am very happy with this investment.

– It’s a very positive balance for me in every way. It’s a pleasure to be part of it, says Niinistö.

Did you make money financially?

– Both financially and experientially. Yes.

According to him, Niinistö is not actively involved in the company’s operations.

– Of course, acquaintances and other shareholders always hear about what’s happening in the company. It’s really good.

Niinistö He said he also invested in other small domestic companies.

– I also invested in other small domestic companies. It was, and it will probably be, Niinistö said.

This is important to him and Niinistö wants to set an example for other Finns.

– If there is something missing in Finland at the moment, one of the elements is investment. Niinistö said that anyone who is ready to invest in domestic (companies) is investing specifically in an investment.

– I think it is good to act in the interests of the Finnish nation. It is not self-sacrifice, but carefully considered and involved, Niinistö said.

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All in all, this technology is very interesting.

He has a particular interest in the technology industry.

– All in all, technology is very interesting.

What’s so interesting about this?

– It is constantly expanding and developing.

Financial difficulties The coming months and years will be difficult for the drifting Finnish festival.

The group’s financial debt of more than 14 million euros is due in the autumn and the group cannot survive without debt relief. If the debts of its subsidiaries are included, the total debt will rise to around 20 million euros.

To this end, with the consent of its largest creditor, the company applied for corporate restructuring in July, seeking debt relief of approximately 10 million euros.

Without a debt restructuring, the company could fall into bankruptcy, in which case creditors could lose millions of dollars.

Finnish Festival was particularly badly affected by the coronavirus, as restaurants and hotels no longer ordered refrigeration equipment in the normal way after the outbreak of the pandemic in spring 2020. According to the company, their demand actually collapsed.

company Factors such as Russia’s aggressive war in Ukraine have also put pressure on the economy, affecting the supply of raw materials and components, leading to higher raw material prices.

However, Festivo Finland Oy believes it will return to the Earth’s surface.

– You have to always keep the faith. That’s part of the job, says Timo Seppälä.

The group’s chief executive officer also shared the same view Mika Simi.

– We are confident about the future. Of course, the situation depends a lot on the development of the overall economy, but we are optimistic about it, Simi said.