The Ministry of Finance oversees four companies: energy giant Eesti Energia, state real estate manager Riigi Kinnisvara Aktsiaselts (RKAS) and lottery operator Eesti Loto are wholly state-owned. The state also holds a 51 percent non-controlling stake in media delivery and digital services company Levira. The remaining 49 percent stake in Levira is owned by the French company TDF S.A.S.

Levira

On December 22, 2022, the government instructed the Ministry of Finance to halt preparations for the sale of Levira. The decision was based on a proposal by the government's national security committee, which took into account Levira's strategic importance within Estonia's security framework.

The Ministry of Finance says the security situation has not eased since 2022 and that the Estonian state therefore continues to see a need to maintain a strategic stake in Levira.

"Levira plays an important role in transmitting signals during crises, including television and radio broadcasts. Retaining a stake in Levira is important from the perspective of crisis preparedness, civil protection and ensuring security. Levira operates nationwide broadcasting and transmission infrastructure considered critical infrastructure. In addition, Levira fulfills a crisis communication and public notification role, including the free-to-air transmission of radio and television programs. The company's broadcasting and transmission networks are a central channel for rapidly and reliably informing the public. The company therefore has an established network and technical capability, including crisis readiness, backup networks and the ability to ensure service continuity during disruptions."

Eesti Loto

The Ministry of Finance also considers it necessary to retain the state's stake in Eesti Loto. The ministry said the company plays an important role in society by contributing to the development of sports and culture and by working to reduce the harmful effects associated with gambling addiction.

The state has historically retained its stake in Eesti Loto for four reasons: (1) ensuring that primary gambling demand is met in a socially responsible manner through lotteries, which are considered a low-addiction form of gambling; (2) limiting competition in the organization of lotteries in order to avoid stimulating gambling demand and increasing addiction risks; (3) generating stable income for the state as owner; and (4) promoting balanced regional development by preferentially recruiting employees in Estonia outside Tallinn.

RKAS

The Ministry of Finance also sees a need for the state to retain its stake in Riigi Kinnisvara Aktsiaselts (RKAS) in order to continue the centralized management of state real estate through a dedicated real estate competence center.

"This allows the state to ensure the prudent and efficient governance and management of the real estate environment needed to carry out its functions. The state holds its stake in RKAS primarily in order to provide services stemming from the public interest, namely to centrally, efficiently and sustainably ensure the real estate environment supporting the core functions of the state."

Eesti Energia

The Ministry of Finance continues to consider it necessary to retain the state's stake in Eesti Energia. The aim of the state's ownership remains generating returns for the owner alongside objectives arising from the public interest.

"One of the key guarantees of Estonia's prosperity is the energy sector. The state holds a stake in Eesti Energia AS in order to ensure an energy supply that supports the sustainability of the economy and is in line with the European Union's energy and climate policy goals. The holder of the state's stake continues to see a need to retain ownership in Eesti Energia AS," the Ministry of Finance said.

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