ICA Executes Definitive Agreement to Sell Stake in Red de Carreteras de
MEXICO CITY, June 20, 2013 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V.
(BMV:ICA) and (NYSE:ICA), the largest infrastructure and construction company
in Mexico, announced the signing of a definitive agreement to sell its 18.7%
stake in Red de Carreteras de Occidente, S.A.B. de C.V. (RCO), the
concessionaire for approximately 760 km of highways in Mexico to funds managed
by Goldman Sachs.
ICA expects to receive Ps. 5,073 million for its investment and to continue
operating the highways. The transaction completes an asset recycling process
initiated in 2012.
The transaction is subject to customary closing conditions and approval by the
Ministry of Communications and Transportation and the Federal Competition
Alonso Quintana, ICA's CEO, said, "The sale of ICA's investment in RCO is a
clear example of our strategy of selective recycling of capital in our asset
portfolio and creating value for ICA's shareholders. The proceeds are expected
to be used to pay short-term corporate debt that was used to accelerate the
completion of projects, as well as to complete funding the equity commitments
for the new concessioned projects. We are significantly strengthening our
Conference Call Invitation
ICA management will hold a conference call today, Thursday June 20, at 11:00
am Eastern Time (10:00 am Mexico City time) to provide additional information
and background regarding this announcement. To participate, please dial
toll-free 855-370-4217 from the U.S. or +1-559-549-9841 internationally. The
conference ID is 99406679. A replay will be available until June 27, 2013 by
calling toll-free 855-859-2056 from the U.S. or +1-404-537-3406
internationally, again using conference ID 99406679.
Empresas ICA, S.A.B. de C.V. is Mexico's largest construction and
infrastructure operations company. Founded in 1947, ICA's principal lines of
business are civil and industrial construction and engineering; infrastructure
operations, including airports, toll roads, and water systems; and
homebuilding. For more information visit www.ica.com.mx/ir.
This press release may contain projections or other forward-looking statements
related to ICA that reflect ICA's current expectations or beliefs concerning
future events. Such forward-looking statements are subject to various risks
and uncertainties and may differ materially from actual results or events due
to important factors such as changes in general economic, business or
political or other conditions in Mexico, Latin America or elsewhere, changes
in capital markets in general that may affect policies or attitudes towards
lending to Mexico or Mexican companies, changes in tax and other laws
affecting ICA's businesses, increased costs, unanticipated increases in
financing and other costs or the inability to obtain additional debt or equity
financing on attractive terms and other factors set forth in ICA's most recent
filing on Form 20-F and in any filing or submission ICA has made with the SEC
subsequent to its most recent filing on Form 20-F. All forward-looking
statements are based on information available to ICA on the date hereof, and
ICA assumes no obligation to update such statements.
CONTACT: For more information contact:
(5255) 5272 9991 ext.3696
Gabriel de la Concha, CIO
Victor Bravo, CFO
In the United States:
Daniel Wilson, Zemi Communications
(1212) 689 9560
Empresas ICA, S.A.B. de C.V. Logo
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