ICA Announces Plan to Sell Smaller Stake in Airport OperatorBrendan Case
Empresas ICA SAB, the Mexican construction company seeking to raise cash to cut debt, said it was restarting a plan to sell part of its stake in its airport operator less than two weeks after postponing the transaction.
The builder said it would sell a 17 percent stake in Grupo Aeroportuario del Centro Norte SAB while retaining control of the airport unit known as OMA. ICA halted a plan to sell 24 percent of the OMA on June 25.
At current prices and including the overallotment option, the revived share sale would raise about 2.88 billion pesos ($224 million) for Mexico City-based ICA. The company’s credit rating was reduced by Moody’s Investors Service and Standard & Poor’s in May due to falling revenue, rising debt and delays in public-works spending by President Enrique Pena Nieto. The builder’s agreement to sell most of its housing unit to Servicios Corporativos Javer SAPI was abandoned May 31.
ICA fell 4.9 percent to 23.75 pesos in Mexico City at the close, before the statement it was renewing the OMA stake sale process. The airport operator slid 0.8 percent to 41.68 pesos.