ICA RECEIVES US$700 MILLION FOR THE DELIVERY OF THE FIRST TURBINE
MEXICO CITY, Nov. 15, 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, announces the delivery of the first turbine of the hydroelectric project La Yesca Ing. Alfredo Elías Ayub and receipt of the first payment that corresponds to fulfilling the first unit Provisional Acceptance, in accordance with the contract with the Federal Electricity Commission (CFE).
As a result, ICA received the first scheduled payment of US$700 million, which was applied to pay project debt.
Alonso Quintana, ICA's CEO noted, "ICA's ability to deliver this massive project on schedule, even with the unforeseen geological challenges we faced, proves the strength of mexican engineering and our commitment to the clients. The hydroelectric project La Yesca Ing. Alfredo Elías Ayub is a testimony to the dedication of the more than 3,500 workers who are participating in the successful execution of this project. The project will make an important contribution to increasing Mexico's renewable energy."
The project was awarded to ICA through an international bid tender in 2007 and was financed by ICA through an award-winning financing structure. The second turbine has an expected delivery date in the following weeks. Afterwards, the CFE will pay the second installment bringing the total expected payment to more than US$1 billion, all of which will be applied to pay project debt.
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.mx
Iga Wolska
iga.wolska@ica.mx
relacion.inversionistas@ica.mx
(5255) 5272 9991 ext.3692
Victor Bravo, CFO
victor.bravo@ica.mx
In the United States:
Daniel Wilson Zemi Communications,
(1212) 689 9560
dbmwilson@zemi.com