ICA’s Board of Directors Approves Additional Management Changes
March 10 2016 - 7:00AM
Empresas ICA, S.AB. de C.V. (BMV:ICA) (NYSE:ICA),
the largest infrastructure and construction company in Mexico,
announced that its Board of Directors has accepted the resignation
of Alfonso González Migoya as Deputy CEO and as a member of the
Board of Directors. The Board also ratified the executive
management team led by Luis Zarate Rocha as Chief Executive Officer
and Guadalupe Phillips Margain as Chief Restructuring Officer.
“My work at ICA has concluded,” Mr. González
Migoya stated. “My commitment with ICA was to prepare the
foundations, organize the team, and make the initial undertaking to
restructure ICA’s operations and finances into order to restore its
economic viability. I am pleased to have been able to serve the
Company during these past several months.”
The Board of Directors today was also presented
with the general parameters of the restructuring plan. ICA
expects to approach its creditors over the next several weeks with
its proposed plan.
Bernardo Quintana, the Chairman of the Board,
said, “On behalf of the Board of Directors, I want to thank Alfonso
for his dedicated service during this crucial period in ICA’s
history.”
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.
Empresas ICA, S.A.B. de C.V. is Mexico's
largest infrastructure company. ICA carries out large-scale civil
and industrial construction projects and operates a portfolio of
long-term assets, including airports, toll roads, water systems,
and real estate. Founded in 1947, lCA is listed on the Mexican and
New York Stock exchanges. For more information, visit
ir.ica.mx.
For more information, please contact:
Gabriela Orozco
gabriela.orozco@ica.mx
Christianne Ibánez
christianne.ibanez@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3012
Pablo Garcia
Chief Financial Officer
pablo.garcia@ica.mx
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson@zemi.com