Graña Y Montero Announces Agreement with Chubb Insurance to Re-Schedule Debt Payment in 12 Months
March 31 2017 - 3:58PM
Business Wire
Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company”
or “Graña y Montero”) a leading Engineering and Construction
company, announced today that it signed a debt recognition
agreement with CHUBB Insurance Peru for the repayment of US$ 52.5
million derived from the execution of the performance guarantee for
the Southern Gas Pipeline project. The above-mentioned agreement
has a 1-year maturity starting today and will be repaid in full
after said period.
The agreement will have a positive effect on Graña y Montero’s
cash flow and will be repaid with the proceeds from the sale of
non-strategic assets to be defined by Graña y Montero’s Board.
Luis Díaz Olivero, Graña y Montero’s Corporate CEO, indicated
that this new agreement is a clear proof of Chubb’s confidence in
Graña y Montero’s standing. “Those who have dealt with us know of
our professionalism and commitment to fulfill all of our
obligations. As a result, we are seen as trustworthy.”
As noted previously, Chubb Insurance issued the performance
guarantee for the Southern Gas Pipeline project. The guarantee was
– as informed by Graña y Montero on January 24, 2017 –executed
after Peru’s Ministry of Energy and Mines terminated the project´s
concession contract.
About Graña y Montero S.A.A.
Graña y Montero is the largest and most important Engineering
and Infrastructure Company in Peru. It has 26 companies in 4
Business Areas and operates in 5 countries in Latin America. It is
the only South American construction company listed in the Lima
Stock Exchange and in the NYSE. It has 83 years of operations, due
to its corporate values, which have always guided the behavior of
its employees. It has been an example in the region for its good
practices in corporate governance and has been continuously
considered as one of the most admired and renowned firms of the
country.
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version on businesswire.com: http://www.businesswire.com/news/home/20170331005811/en/
Graña y Montero S.A.A.Samantha Ratcliffe,
511-213-6573Head of Investor
Relationssamantha.ratcliffe@gym.com.perelacion.inversionistas@gym.com.pehttp://investorrelations.granaymontero.com.pe/orBelén
Masson, 511-213-6565 Ext. 6453Investor Relations
Assistantbelen.masson@gym.com.pe
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