ICA executes sale of stake in Red de Carreteras de Occidente (RCO)
Empresas ICA, S.A.B. de C.V., 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 ($380 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 Commission.
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 commitment.
Red de Carreteras de Occidente (RCO) is the company behind the construction, operation and maintenance of concessioned highways in Mexico, including the Maravatío-Zapotlanejo and Guadalajara-Aguascalientes-León highways running through the states of Michoacan, Jalisco, Guanajuato, and Aguascalientes. The company operates over 558km of toll highways in the country. In 2011, ICA transferred its stake in the 74.3km Irapuato-La Piedad highway and the 93km Querétaro-Irapuato highway to RCO.
Source: ICA
Country news
-
-
June 27, 2013
OHL Mexico raises $529 million in share sale
OHL México, the Mexican subsidiary of Spanish construction company OHL, has raised 6.99bn pesos (US$529 million) in a share sale in Mexico. 55.4% of the offering was taken up by international investors, and 44.6% by local investors. The share sale closed yesterday, 26 June 2013.The money received will be used to cover the company's cash flow needs, finance its current investment plan and implement new projects.OHL México sold 13.91 % of the firm capital. The firm had launched an IPO in November 2010 selling 26.1 % of its capital. Read more -
July 29, 2013
Odebrecht submits unsolicited proposal for Tuxpan-Tampico road project in Mexico
The Mexican press has reported that the Brazilian construction firm, Odebrecht has been the first company submitting an unsolicited proposal to the 'Secretaría de Comunicaciones y Transportes (SCT)' after the approval of the new Public Private Partnership (PPP) law. Read more -
July 30, 2013
Mexico launches tender for Guanajuato - San Miguel de Allende highway concession
Mexico's Secretary of Infrastructure of the Ministry of Communications and Transport (SCT) launched on 2 July 2013 a tender process for Guanajuato - San Miguel de Allende highway concession. Read more -
August 05, 2013
Macquarie Mexican Fund invests in hydroelectric project
Macquarie Mexican Infrastructure Fund (MMIF) has acquired a 49% interest in a 28.8 MW hydroelectric generation project in Nayarit, Mexico. The Bank of New York Mellon, trustee of MMIT has announced the deal. Read more -
August 05, 2013
Enagas and Fermaca wins Mexico gas concession
The consortium consisting of Spanish Enagás (50%) and the Mexican company Fermaca (50%) won the tender process run by the Mexican Federal Electricity Committee to provide the natural gas compression service through the construction, operation and maintenance, in the role of owner, of the Soto La Marina Compression Station.The location of the project is in the State of Tamaulipas (Mexico). Read more
