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Correction: ICA Announces Delisting from the New York Stock Exchange

  • ICA shares will continue to trade on the Mexican Stock Exchange

MEXICO CITY, June 28, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA) announced today that it intends to voluntarily delist its American Depositary Shares (“ADSs”), evidenced by American Depositary Receipts (“ADRs”), from the New York Stock Exchange (“NYSE”).  This action does not affect ICA’s listing on the Mexican Stock Exchange, where approximately 80% of its worldwide trading volume currently takes place.

On January 7, 2016, ICA received notice from the NYSE that its ADS’s had traded for 30 consecutive days below US$1.00 per share, and therefore did not meet the requirements for continued listing on the NYSE, subject to a six-month cure period.  Today, ICA will provide written notice to the NYSE of its intent to delist.  ICA plans to file the related Form 25 with the Securities and Exchange Commission (“SEC”) shortly thereafter and expects the delisting to become effective ten days later.  Accordingly, the Company anticipates that the last day of trading of its ADSs on the NYSE will be on or about July 17, 2016. 

ICA reserves the right, for any reason, to delay these filings or to withdraw them prior to their effectiveness, and to otherwise change its plans in this regard.

This press release contains projections or other forward-looking statements related to ICA that reflect ICA’s current expectations or beliefs concerning future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include cancellations of significant construction projects included in backlog, material changes in the performance or terms of our concessions, additional costs incurred in projects under construction, failure to comply with covenants contained in our debt agreements, developments in legal proceedings, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms, changes to our liquidity, economic and political conditions and government policies in Mexico or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in inflation rates, exchange rates, regulatory developments, customer demand, competition and tax and other laws affecting ICA’s businesses 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., 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 http://ir.ica.mx/.

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

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