MEXICO CITY, Feb. 23, 2016 (GLOBE
NEWSWIRE) -- Empresas ICA, S.A.B. de
C.V. (BMV:ICA) (NYSE:ICA),
the largest infrastructure and construction company in Mexico,
announced that Alonso Quintana Kawage has informed the Company of
his decision to step down as Chief Executive Officer, effective
immediately, in order to facilitate the Company's restructuring
process.
The Chairman of the Board will
convoke an Extraordinary Board Meeting to propose the nomination of
Mr. Luis Zárate Rocha as the Company's CEO. It is expected he
will work alongside Alfonso González Migoya, who will continue to
serve as Deputy CEO during the restructuring process. Upon his
confirmation by the Board, Mr. Zárate, who has focused on the
construction business during his time at the Company, will lead
ICA's operations, which continue to be the Company's priority,
while Mr. González and Chief Restructuring Officer Guadalupe
Phillips Margain will be responsible for carrying out the
restructuring of the Company.
"I remain firmly committed to
supporting the Company, especially during this important time," Mr.
Quintana said.
In turn, Mr. Bernardo Quintana,
ICA's Chairman of the Board, said, "On behalf of the board and
management team, I would like to thank Alonso for his leadership
and dedication to the Company."
Mr. Zárate has been affiliated
with ICA for over 40 years, during which time he has served as a
member of the Board of Directors and Executive Vice President in
charge of overseeing civil construction of the Company. During his
time at ICA he worked in business development as well in
construction and infrastructure projects. Since 2000, Mr. Zárate
has served on the board of Grupo Aeroportuario del Centro Norte,
S.A.B.de C.V. In 2012, Mr. Zárate was elected president of the
Mexican Chamber of the Construction Industry for the period from
2012 to 2015 and was also elected in January 2012 president of the
Mexican Energy Conservation Trust (Fideicomiso para el Ahorro de
Energía Eléctrica). Mr. Zárate holds a degree in civil engineering
from the Universidad Nacional Autónoma de México, where he has been
a professor of engineering since 1978.
Additionally, ICA announced that
its board of directors is expected to review and finalize ICA's
medium-term business plan by mid-March 2016. As previously
announced on December 18, 2015, this business plan has been
prepared by ICA with the assistance of its advisors Rothschild and
FTI Consulting. ICA expects that it will begin engaging with key
constituencies, including creditors, following the board of
directors' approval of its business plan.
In conjunction with these efforts
to complete the initial restructuring plan, ICA expects to release
its Fourth Quarter 2015 results by the end of March 2016. The
Mexican National Banking and Securities Commission or CNBV permits
postponement of results for a period of up to 20 business days
after the deadline under special circumstances. ICA has informed
the CNBV and the BMV accordingly.
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, ICA 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