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CORRECTED-(OFFICIAL)-UPDATE 1-Mexico's ICA agrees sale of highway concession
June 20, 2013 / 1:23 PM / 4 years ago

CORRECTED-(OFFICIAL)-UPDATE 1-Mexico's ICA agrees sale of highway concession

(Corrects headline, bullet point, lead and 3rd paragraph after company spokeswoman clarifies sale is of its entire 18.7 pct stake, not 18.7 pct of its total stake)

* ICA to sell its 18.7 pct stake in a 760 km highway

* Company looking to raise cash after housing unit sale collapses

MEXICO CITY, June 20 (Reuters) - Mexican construction company ICA said on Thursday it expects to raise almost $400 million by selling its stake in a highway concession to funds managed by U.S. investment bank Goldman Sachs.

ICA has been looking to raise cash to help it manage a heavy debt load and after a recent plan to sell its housing business fell through.

Investor relations officer Iga Wolska said the company will sell its entire 18.7 percent stake in Mexico’s Red de Carreteras de Occidente, a concession of about 760 km of highway.

ICA said it expects to receive 5.073 billion pesos ($394.03 million) through the sale, which is subject to regulatory approvals.

Mexico’s new government has been slow to announce infrastructure projects and that has compounded investors’ concern about ICA, sending the company’s shares down more than 30 percent this year.

The company is also in the process of selling shares from its holding in airport operator Grupo Aeroportuario del Centro Norte to raise about $375 million. ($1 = 12.8748 Mexican pesos) (Reporting by Elinor Comlay; Editing by Leslie Adler)

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