ICA Announces the Unexpected Passing of its CEO

MEXICO CITY, Oct. 19, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.AB. de C.V. (BMV:ICA), announced today the unexpected passing of Luis Fernando Zarate Rocha. Mr. Zarate collaborated with ICA for over 40 years in virtually every capacity culminating with his appointment as CEO in 2016. 

For the moment, the company will continue its operations as it has been doing otherwise. The Board will hold a meeting shortly to make the necessary decisions.

The ICA family and its Chairman of the Board, Mr. Bernardo Quintana, will always be grateful for Luis and his family's contributions and sacrifices made to in striving to build a better Mexico. Bernardo Quintana said, "I have lost a friend and Mexico has lost a great engineer and teacher.  Luis taught generations of our best engineers; was a mentor to many and a friend to all."

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 ir.ica.mx.

For more information, please contact:

Christianne Ibanez
[e-mail]

[e-mail]
+(5255) 5272 9991 x 3607

Pablo García
[e-mail]
Chief Financial Officer

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Source: Empresas ICA, S.A.B. de C.V. via Globenewswire