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Airport Operator OMA Drops as ICA Says It May Cut Stake

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May 16 (Bloomberg) -- Mexican airport operator Grupo Aeroportuario del Centro Norte SAB fell the most in four weeks after parent Empresas ICA SAB announced a plan to sell part of its stake.

The shares slid 4 percent to 47.09 pesos at the close in Mexico City, the largest drop since April 17. ICA, Mexico’s biggest construction company, filed a shelf registration with the U.S. Securities and Exchange Commission yesterday to sell as many as 100 million shares.

A sale would boost the availability of stock in OMA, as the company is known, and pressure the price, according to Luis Willard, an analyst at Corporativo GBM SAB. OMA rose 40 percent this year through yesterday while competitors Grupo Aeroportuario del Sureste SAB and Grupo Aeroportuario del Pacifico SAB posted declines of 1.3 percent and 8.3 percent.

“The sale could give you an excess of supply in OMA shares,” Willard, who rates OMA market underperform, said in an interview from Mexico City. “And that’s coming when anything positive about OMA was already priced in.”

OMA operates 13 Mexican airports including those serving the northern business capital of Monterrey and the Pacific resort of Acapulco. Excluding a maintenance provision and construction activity, earnings before interest, taxes, depreciation and amortization advanced 12 percent in the first quarter to 393 million pesos, or 56 percent of revenue.

ICA controlled 234.5 million OMA shares as of Dec. 31, representing 58.6 percent of the San Pedro Garza Garcia, Mexico-based airport company’s stock, it said in a regulatory filing last month. Even if Mexico City-based ICA sells 100 million shares, the builder would retain control of OMA through its holdings of another class of shares.

“In the long term the increase in the float could increase OMA’s liquidity,” Valeria Romo, an analyst with Monex Casa de Bolsa SA who has a hold rating on the shares, wrote in a report today.

ICA was little changed at 33.48 pesos.

To contact the reporter on this story: Brendan Case in Mexico City at bcase4@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net