ICA Signs Agreement With EXI-CK to Finance the Completion of the Palmillas-Apaseo El Grande Tollroad
- February 09th, 2016
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Mexico City / CRWEPRESSRELEASE / February 9, 2016 - Empresas ICA, S.AB. de C.V. (BMV and NYSE: ICA), the largest infrastructure and construction company in Mexico, confirmed today that its subsidiary COVIMSA has signed an agreement with CKD Fomento a la Energía e Infraestructura de México (EXI), through the EXICK Trust, for a Ps. 750 million convertible loan to provide the resources required for the completion of the Palmillas-Apaseo El Grande tollroad in the states of Queretaro and Guanajuato.
Autovía Queretaro, S.A. de C.V., a subsidiary of COVIMSA, holds the 30-year concession to construction, operate, exploit, preserve, and maintain the highway.
The Palmillas–Apaseo El Grande tollroad is one of the most important construction projects in Mexico. The 4-lane, 86 km, high-specification tollroad in Queretaro and Guanajuato is expected to reduce traffic congestion resulting from the sustained economic growth of the region.
This agreement ensures all the resources that are required to finalize the construction and putting into service of the highway. ICA expects that the construction phase will be completed in September 2016, and the highway will join ICA’s existing portfolio of five operating highways.
This press release contains 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.
Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, lCA is listed on the Mexican and New York Stock exchanges. For more information, visit ir.ica.mx.
For more information, please contact:
+(5255) 5272 9991 x 3012
Chief Financial Officer
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
Source: Empresas ICA, S.AB. de C.V.