OHL Mexico Sinks After Report of Share Sale: Mexico City MoverJonathan Levin
OHL Mexico SAB, the Mexican unit of Spanish construction company Obrascon Huarte Lain SA, dropped the most in two months after the newspaper Excelsior reported that the company plans to sell additional shares.
The stock fell 6.9 percent to 34.22 pesos at the close of trading in Mexico City, the biggest one-day drop since March 26. The IPC index lost 0.9 percent.
OHL Mexico plans to raise about $800 million in a share sale, according to a column in Excelsior today by Dario Celis. In a regulatory filing after the report, OHL Mexico confirmed it is seeking approval from Mexican authorities to carry out an offering of new shares, without giving the size of the transaction. Alberto Guajardo, an investor-relations official at OHL Mexico, didn’t respond to an e-mail message and phone call from Bloomberg News seeking comment on the column.
The shares surged 29 percent this year through last week, the most on the IPC after Gruma SAB, the world’s biggest maker of tortillas, and Alsea SAB, the operator of Starbucks cafes and Burger King restaurants in Mexico.