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Mexico's ICA confirms sale of stake in waste firm Proactiva
December 25, 2015 / 12:15 AM / 2 years ago

Mexico's ICA confirms sale of stake in waste firm Proactiva

MEXICO CITY, Dec 24 (Reuters) - Mexico’s ICA said on Thursday it has sold its 49 percent stake in environmental waste firm Proactiva Medio Ambiente for up to 1.24 billion pesos ($72 million), as the construction company looks for cash after defaulting on a debt.

Proceeds from the sale would be used to implement a cost cutting plan and for operating purposes, ICA said in a statement. The sale was reported earlier in the week by Reuters.

ICA did not say who had bought the Proactiva holding.

A person familiar with the matter told Reuters on Wednesday the stake had been sold to Mexican businessman Fernando Chico Pardo. Chico Pardo did not reply to requests for comment.

ICA said last Friday it would not pay $31 million due on an interest payment at the end of November. It aims to draw up an initial restructuring plan by mid-February.

ICA jointly owned Proactiva with French water and waste group Veolia. ($1 = 17.2200 Mexican pesos) (Reporting by Alexandra Alper; Writing by Dave Graham; Editing by Andrew Hay)

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