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EMPRESAS ICA SOCIEDAD CONTROLADORA, S.A. DE C.V. ANNOUNCES INITIAL PUBLIC OFFERING AT $17 PER ADS

 EMPRESAS ICA SOCIEDAD CONTROLADORA, S.A. DE C.V.
 ANNOUNCES INITIAL PUBLIC OFFERING AT $17 PER ADS
 MEXICO CITY, April 9 /PRNewswire/ -- Empresas ICA Sociedad Controladora, S.A. de C.V. announced today an underwritten initial public offering of 8.4 million American Depositary Shares (ADSs) of Empresas ICA Sociedad Controladora, S.A. de C.V. (ICA) at a price of $17 per ADS. Concurrently with the U.S. offering, ICA is offering 8.3 million shares of common stock in Mexico and 8.3 million ADSs outside the United States and Mexico.
 All the shares are being offered by the company. The company has granted the U.S., international and Mexican underwriters options to purchase up to 1,260,000 additional ADSs, 1,245,000 additional ADSs, and 1,245,000 additional shares, respectively, from the company for the purposes of covering over-allotments, if any.
 Morgan Stanley & Co. Incorporated is acting as lead manager of the U.S. offering and The First Boston Corporation and Lehman Brothers are acting as co-managers. Each ADS represents one ordinary participation certificate, representing a financial interest in one share of common stock.
 ICA will be listed on the New York Stock Exchange under the symbol "ICA" and on the Mexican Stock Exchange and will be quoted through SEAQ International. Internacional Servicios Financieros, S.A. de C.V. (ISEFI) is acting as advisor to the company in connection with the global initial public offering.
 The net proceeds from the offering will be used primarily to fund the company's investment in concessions and various construction projects and for the purchase of new heavy construction equipment. The remainder of the net proceeds will be used to fund other capital expenditures and for general corporate purposes.
 ICA is the largest construction company in Mexico and is engaged in a full range of construction and related activities, involving the construction of infrastructure facilities, as well as industrial, urban and housing construction, for both the Mexican public and private sector. The company is also involved in the construction, maintenance and operation of highways, bridges and tunnels under concessions granted by the Mexican government. In addition, ICA is engaged in the manufacturing and marketing of industrial goods; in the ownership and operation of hotels; and in the quarrying and marketing of construction aggregates.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 4/9/92
 /CONTACT: Victor H. Bravo of ICA, 011-525-272-9991, ext. 3480/
 (ICA) CO: Empresas Sociedad Controladora, S.A. de C.V. ST: IN: CST SU: OFR


CK -- NY031 -- 6662 04/09/92 10:09 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
Words:473
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