The Generalitat's plans for Fira 2000
The Government aims to transform the asset management company into a manager of major projects in Catalonia.
BarcelonaAt its last plenary session, the Barcelona Chamber of Commerce voted in favor of the possibility of selling its shares in Fira 2000, the holding company of Fira de Barcelona. The move was surprising, not so much in substance as in form: the Chamber has reached an agreement with the Generalitat (Catalan government) to sell its 1.2% stake in Fira 2000—for a price of around €5 million, according to ARA—but to retain its voting rights; that is, to maintain the two seats the Chamber holds on Fira 2000's board of directors, currently held by Carmina Ganyet and Xavier Pujol. Of course, 1.2% of the shares isn't decisive; therefore, what does this move imply?
According to ARA, the Generalitat (Catalan Government) wants to use Fira 2000 "as an instrument that goes beyond being the holding company of Fira de Barcelona" and become the manager of major projects in Catalonia, such as the MNAC (National Museum of Contemporary Art), the MACBA (Mexican Museum of Contemporary Art), and other large institutions. To this end, the fact that the shareholders are 100% public administrations "accelerates the processes," and the 1.2% held by the Chamber "complicates the approval process," explain sources close to the negotiations. Hence, the Generalitat is seeking "greater independence" within Fira 2000, but "maintains the political rights of the Chamber because it is interested in having the business community on the board," say business sources.
Fira 2000's shareholders are the Generalitat de Catalunya (Catalan Government) with 52.42%, Barcelona City Council (24.05%), the Hospitalet de Llobregat City Council (Islauet de Llobregat City Council), the Barcelona Metropolitan Area (Metropolitan Area), and the Barcelona Provincial Council (Diputació de Barcelona), each with 7.44%, respectively. The chairwoman of the board of directors is the regional minister for the economy, Alícia Romero, and the vice-chairman is the fourth deputy mayor of Barcelona, Jordi Valls. The company was founded in 1993, when the Catalan government, Barcelona City Council, and the Chamber of Deputies (Chamber of Parliament) wanted to promote the expansion of the site. Since then, it has been responsible for the expansion of the Hospitalet and Zona Franca exhibition centers, as well as the renovation of the old Montjuïc pavilions. However, Fira 2000 has also participated in other projects beyond the exhibition centers, such as the renovation of the Historic Site of the Hospital de Sant Pau, the Barcelona Activa Cibernàrium on the first floor of the Mediatic building, or the adaptation of the east side of the Barcelona Technology Park building, among other activities.
More than 12 million contributions
The Chamber of Commerce is also interested in divesting itself of these shares. The expansion of Fira de Barcelona and the remodeling of the Montjuïc site entail an investment of hundreds of millions of euros and require a capital contribution from Fira 2000 shareholders. According to sources familiar with the deal, this 1.21% stake in the Chamber "would represent €12.5 million for the Chamber," an amount the Chamber "has no desire to assume," they assert.
Thus, "the agreement is a good one for both parties: the Chamber saves itself the monetary burden and the Generalitat gains independence in Fira 2000," explain sources within the institution. However, there are also detractors: "With this agreement, the Chamber loses its stake in Fira, and that goes against the values of raising the voice of business leaders and being present in as many places as possible," explains one businessman. In fact, in 2015, The Chamber has already agreed to the sale of 11.6% of the capital he controlled in Fira 2000 with the aim of obtaining 30.5 million euros – at that time he needed to raise cash – and began to reduce his stake in the company.
The preliminary agreement for the sale of the shares by the Chamber is only the approval of the institution's plenary session to go ahead with the sale whenever desired – it must be before the second half of the year – but it is not something immediate. It is proposed that the price offered will be around 5 million and a bit for that 1.2% (the nominal value) despite the fact that in the Chamber's 2023 accounts these shares are valued at more than 7 million. "It's a shame because assets are lost, but it's true that the obligation of 12 million is avoided," notes a source present at the plenary session.
However, Barcelona City Council assures that this desire to take Fira 2000 to the next level "has not been discussed within the society's board," so "nothing is firm." They also counter that "for certain types of projects, such as museums, it might make sense," but if it involves doing things outside of Barcelona and the metropolitan area, then they will not participate. "It's one thing to provide capital for the management or remodeling of a city museum, and quite another to build a library in Vic," the council points out.
