SETAP365, officially established

SETAP365, officially established.

The consuls of Canillo and La Massana and the CEO of Crèdit Andorrà signed the shareholders’ agreement

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 Molné and Ms Eva Sansa on behalf of the Comú of La Massana, Mr Francesc Camp and Mr Marc Casal on behalf of the Comú of Canillo, and Mr Xavier Cornella as CEO of Crèdit Andorrà.

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’ agreement, which was also signed this afternoon.

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.

In terms of the composition of the Board of Directors, the Comú of Canillo and Crèdit Andorrà will have three directors respectively, while the Comú 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 Molné 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 Crèdit Andorrà.

The positions of chair and vice-chair will be held on a two-year rotating basis by the senior consuls (mayors) of the Comú of Canillo and the Comú 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.

The shareholder structure is 40.24% by Canillo, 39.80% by Crèdit Andorrà 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 Comú of La Massana will increase its shareholding through the capitalisation of preferential shares and purchases of shares from the other two partners.

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.

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