Only one step remains before a public company launches, set to begin operations next Saturday. The Fira Alicante SA board of directors approved the project this Thursday. The absorption of assets and liabilities from the Torrellano fairground proceeds after a public display period with no claims. This is how the proposal was presented, and the council plenary, as the sole shareholder of the new company, confirmed the transfer with final authority.
This marks an end to a long and intricate process. The recovery plan, organized to address a 76 million euro debt from a stalled expansion, received a new direction when the Generalitat assumed that debt in exchange for strategic use of the land. The space will house a new center for innovative companies, with an estimated value of about 29 million. This figure aligns with IFA’s transformation into a public company, setting the stage for a debt-free balance and a stronger core for the future.
In practical terms, once the fairgrounds burden is cleared, the organization can self-finance through stronger performance, as evidenced by last year’s positive result of 32,800 in earnings before interest and taxes.
On the governance front, the board of the new company also identified several upcoming appointments. The President is, by law, the Minister of Economy. In this case, that position is filled by Rafa Climent. The first vice president will be the top official of the Alicante Chamber of Commerce, Carlos Bath. The second will be the head of the Footwear Entrepreneurs Association (Avecal) and the vice president of the CEV Alicante, Marian Canoe.
A clean slate with IFA: Fira Alacant moves on after a painful decade at the fair establishment
In addition, parliament approved a bylaw amendment to create a third vice president role, to be held by the Mayor of Elche, Carlos González, to emphasize the importance of the municipality hosting the venue.
Meanwhile, Beatriz Serrano has been named the new general manager of the publicly traded company, signaling the end of Natxo Costas’s interim tenure as regional economic secretary during the transition. This transition aligns leadership with the new corporate structure and its broader mission.
Finally, a formal ordinance authorized the creation of what will be called the Advisory Board. This body will gather the heads of the organizing committee for various demonstrations and sector representatives. As a state-owned entity, the board will be predominantly composed of administrative appointees and is intended to serve as the conduit for the business community’s voice within the organization.