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March 26, 2008 |
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EMPRESAS ICA: Acquires Consorcio del Mayab for MXN870 Million Empresas ICA S.A.B. de C.V. is acquiring Consorcio del Mayab for MXN870 million, paper El Financiero reports. According to ICA, the acquisition would be merging the investment into its financial results, including the 2.13 billion pesos debt, with payment deadlines in 2019 and 2020. The debt would be paid off with toll charges on the Kantunil highway, of which Consorcio del Mayab was concessionaire. ICA disclosed that on Dec. 31, 2007, the average daily traffic on the highway was 2,658 vehicles, an 11% increase over 2006 traffic. The report says that ICA would begin the concession on March 31, 2008. Empresas ICA -- http://www.ica.com.mx/ -- the largest engineering, construction, and procurement company in Mexico, was founded in 1947. ICA has completed construction and engineering projects in 21 countries. ICA's principal business units include civil construction and industrial construction. Through its subsidiaries, ICA also develops housing, manages airports, and operates tunnels, highways, and municipal services under government concession contracts and/or partial sale of long-term contract rights. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 20, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Empresas ICA S.A.B. de C.V. S&P said the outlook is stable. |
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