ICA ACQUIRES THE BARRANCA LARGA-VENTANILLA TOLLROAD CONCESSION IN
MEXICO CITY, April 16, 2012 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA), the largest engineering, construction, procurement and infrastructure company in Mexico, announced that it acquired the concession for the Barranca Larga-Ventanilla tollroad in the state of Oaxaca through a wholly-owned subsidiary. The concession agreement with the Ministry of Communications and Transportation (SCT) includes the construction, operation, exploitation, and maintenance of the 104 km tollroad for a term of 30 years.
Total investment in the project will be approximately Ps. 5,352 million. The contract will be included in ICA´s construction backlog during the second quarter of 2012 and is expected to be completed in 24 months. The development bank Banobras and the National Infrastructure Fund (FONADIN) will be participating in the financing. The acquisition is subject to customary regulatory approval by the Federal Competition Commission.
The new tollroad will provide a high-speed communication link between the Pacific coast resorts of Huatulco and Puerto Escondido and the capital city of Oaxaca. The highway is expected to support additional development of the tourist zones and help the economic integration of the inland communities along the route. The four-lane highway is expected to cut travel time between Oaxaca and Puerto Escondido to approximately 100 minutes.
Alonso Quintana, ICA's Chief Operating Officer, said, "The Barranca Larga-Ventanilla tollroad is a key project for improving transportation and spurring economic development in Oaxaca. The project is another example of ICA´s ability to execute technically challenging highway projects in a timely manner. The highway will be a valuable addition to ICA's portfolio of concessioned highways, and strengthen our position as the largest highway operator in Mexico."
Empresas ICA, S.A.B. de C.V. is Mexico's largest construction and infrastructure operations company. Founded in 1947, ICA's principal lines of business are civil and industrial construction and engineering; infrastructure operations, including airports, toll roads, and water systems; and homebuilding. For more information visit www.ica.com.mx/ir.
The Empresas ICA, S.A.B. de C.V. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10914
This press release may contain 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.
CONTACT: Investor Relations:
Luz Montemayor
luz.montemayor@ica.com.mx
Iga Wolska
iga.wolska@ica.com.mx
relacion.inversionistas@ica.com.mx
(5255) 5272 9991 ext.3692
Victor Bravo, CFO
victor.bravo@ica.com.mx
In the United States:
Daniel Wilson Zemi Communications,
(1212) 689 9560
dbmwilson@zemi.com