Varie
Summary of ICA Business Plan
MEXICO CITY, June 17, 2016 (GLOBE NEWSWIRE) -- (BMV:ICA) (NYSE:ICA) made a preliminary summary of its business plan, attached to this press release, publicly available to creditors and investors. This preliminary business plan does not take into account the signing of the US$215 million secured convertible loan announced today, and as a result should not be relied upon by any party in performing a valuation of ICA's assets. In particular, these projections do not account for the dilution of ICA's interest in certain concession and construction subsidiaries and entities that would result from the exercise of the conversion feature or the payment-in-kind option under the convertible loan.
ICA encourages a more comprehensive discussion of its future plans, including any future restructuring of its existing debt, with all of its stakeholders.
http://ir.ica.mx/ .
Summary of Empresas ICA, S.A.B. de C.V. ("ICA")'s Business Plan
International and Housing / Real Estate Divisions
1. The international Division along with the Housing / Real Estate Division are being wound down.
2. In addition, the Company will be exiting its International Concession projects that have not yet started.
Concessions
3. The expansion of the Concession division will be limited to completing the Palmillas project in the near future. Post restructuring, ICA will assess investing in new concessions, although no such investments are reflected in the Business Plan.
4. The Company will return or have the Government invest in the Barranca Larga concession as it is not viable to complete on a stand alone basis.
Construction
5. Going forward, the Construction Business will be limited to the Mexican operations.
6. The strategy going forward will be to get back to the basics:
a) Minimize the amount of work that is performed out of scope and without a contractual change order.
b) Profitability will be the main driver.
Airports
7. Continue to own the control shares in OMA.
Projected Revenues
Other Profit and Losses Projected Items
This summary contains information on the Company. Statements that are not historical facts, including statements about the Company's strategy, plans, objectives, assumptions, prospects, beliefs and expectations, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve inherent risks and uncertainties. These forward-looking statements are based on current plans, estimates and projections, and therefore the reader should not place undue reliance on them. Actual results could differ materially and adversely from those expressed or implied by the forward-looking statements as a result of factors that may be beyond the Company's control.
For more information, contact:
Christianne Ibánez
christianne.ibanez@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3607
Pablo García
pablo.garcia@ica.mx
Chief Financial Officer
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson@zemi.com
Copyright GlobeNewswire
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: %s via Globenewswire