So far this year, Solidium, a wholly state-owned holding company, has expanded its holdings in Nokia to 3.3 percent, making it the single largest shareholder in the telecom network equipment maker.
Until recently Solidium had no holdings in Nokia. The company trimmed its stake in Telia and Sampo in the past weeks to finance the investment in Nokia.
According to Solidium CEO Antti Makinen, Nokia's strong market position and its broadly-based technology knowhow are a good basis for a rise in value. He also noted that in addition to being an attractive investment target, Nokia is also Finland's largest company.
Solidium informed Yle on Tuesday that it now holds 186 million Nokia shares. The average acquisition price was 4.54 euros per share.
At the beginning of the year, the largest Finnish investor in Nokia was the Varma pension insurance company with an approximately 1 percent stake.
Solidium's portfolio includes shares in 12 companies. Nokia share now make up 11 percent of its investments which have a total value of 8.4 billion euros.
As a consequence of the Nokia investment the national treasury will receive around 35 million euros in dividends in June.