The new company SETAP365, which was created from the integration of EMAP and ENSISA, has been formally established since this afternoon. The articles of association were signed before a notary by Ms Olga Moln\u00e9 and Ms Eva Sansa on behalf of the Com\u00fa of La Massana, Mr Francesc Camp and Mr Marc Casal on behalf of the Com\u00fa of Canillo, and Mr Xavier Cornella as CEO of Cr\u00e8dit Andorr\u00e0.<\/p>\n
SETAP365 (Soldeu El Tarter Arinsal Pal) has become the holder of 99.99% of EMAP’s shares and 99.68% of ENSISA’s shares. The governance and administration of the new company will be the responsibility of the General Meeting and the Board of Directors, as stated in the shareholders\u2019 agreement, which was also signed this afternoon.<\/span><\/p>\n The three parties today reaffirmed their commitment to a unified snow business model with this partnership that will allow them to be more competitive in international markets. The partners also highlighted the agility with which the process was carried out and attributed it to the good understanding that characterised the negotiation and the vision of the project for the country itself.<\/span><\/p>\n In terms of the composition of the Board of Directors, the Com\u00fa of Canillo and Cr\u00e8dit Andorr\u00e0 will have three directors respectively, while the Com\u00fa of La Massana will initially incorporate two representatives until it owns 30% of the shares in SETAP365, at which point it will also have three. The three parties have decided that the body will be formed of the consuls Olga Moln\u00e9 and Eva Sansa for La Massana, the consuls Francesc Camp and Marc Casal, and ENSISA director Marc Naudi for Canillo, and Xavier Cornella, Xavier Soro and Conrad Blanch for Cr\u00e8dit Andorr\u00e0.<\/span><\/p>\n The positions of chair and vice-chair will be held on a two-year rotating basis by the senior consuls (mayors) of the Com\u00fa of Canillo and the Com\u00fa of La Massana, whereby when the consul of one holds the chair, the consul of the other will hold the vice-chair. The first chair of SETAP365 will be the Mayor of Canillo, Francesc Camp.<\/span><\/p>\n The shareholder structure is 40.24% by Canillo, 39.80% by Cr\u00e8dit Andorr\u00e0 and 19.96% by the La Massana corporation. The same document establishes the mechanisms for balancing the shareholding of the three partners over the next eight years. The Com\u00fa of La Massana will increase its shareholding through the capitalisation of preferential shares and purchases of shares from the other two partners.<\/span><\/p>\n In the coming weeks, the first Board of Directors meeting will be convened, at which the company’s functional organisation structure will be approved and work will begin on the lines of the integration plan. As previously announced, David Hidalgo will be the CEO of the new company.<\/span><\/p>\n","protected":false},"author":12,"featured_media":5735,"template":"","categories":[400,401],"tags":[555,607],"class_list":["post-11045","press-notes","type-press-notes","status-publish","has-post-thumbnail","hentry","category-corporate","category-business","tag-andorra","tag-snow"],"acf":[],"_links":{"self":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/press-notes\/11045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/press-notes"}],"about":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/types\/press-notes"}],"author":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/users\/12"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media\/5735"}],"wp:attachment":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media?parent=11045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/categories?post=11045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/tags?post=11045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}