ICA Announces Resignation of Alonso Quintana, Status of Its Business Plan, and Timing of Its Fourth Quarter Results
23 February 2016 - 4:27AM
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