At its meeting 3/2026 on May 27, the Representative Council of the Student Union of the University of Lapland (LYY) decided, upon a proposal from the LYY Board, to immediately initiate the share redemption process for Rovaniemen Laky Oy. The decision means that the Student Union will take the necessary steps to achieve 100% ownership of the company.

“This is a significant decision. The Student Union has been investigating arrangements related to the company’s ownership for years, and now we are finally initiating the buyout process. Owning the company in its entirety will, for example, enable the Student Union to recognize dividends as revenue,” says Board Chair Inari Turkia.

Rovaniemen Laky Oy was founded in 1990, at a time when the Student Union had its own business operations. LYY has owned real estate, the nightclub Café Tivoli, and has been responsible for Valistustalo. LYY owns approximately 95% of the company, and the remaining B shares are held by numerous different owners. The company is currently a holding company.

“We understand that the company has historical layers, and many people invested in it at the time with the intention of supporting the Student Union and local student culture. In the current situation, however, it is important that LYY owns the company in its entirety so that we can use it to finance, for example, advocacy and recreational services when necessary. The decision is also in line with the student union’s financial plan,” commented Miikka Keränen, Chair of the Representative Council.