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ICA CONSTRUCTS GUADALAJARA - TEPIC HIGHWAY

 MEXICO CITY, Jan. 4 /PRNewswire/ -- Empresas ICA Sociedad Controladora S.A. de C.V. (NYSE: ICA), Mexico's largest construction company, today announced that it received approval from the federal government to extend its Plan de Barrancas highway concession. This new project, the Guadalajara - Tepic highway, will be expanded from 22.3 km to 194 km and includes 17.5 km of road close to Guadalajara City which are operational but in need of restoration, the original 22.3 km of the Plan de Barrancas concession and an additional 154 km of a four lane road is to be constructed over the next 23 months. The estimated value of the project will be US$ 539 million.
 At the same time, ICA successfully negotiated a change in the project's financial structure from 25 percent equity and 75 percent debt, to 47 percent equity (22 percent federal government, 25 percent ICA), and 53 percent debt, which is a more attractive configuration for ICA. The concession's duration will also be extended from 8 to 20 years permitting ICA to lower the toll by 50 percent. These moves reflect the government's recognition of additional work performed by Empresas ICA above the project's original specifications.
 Dr. Jose-Luis Guerrero, chief financial officer of ICA said, "With this agreement, the Mexican Federal Government demonstrates its commitment to resolve controversies related to additional investments by concessionaires."
 Empresas ICA Sociedad Controladora S.A. de C.V., (ICA), is the largest construction company in Mexico. It is engaged in a full range of construction and related activities. ICA constructs all kinds of infrastructural facilities, as well as industrial, urban and housing construction for both Mexican public and private sectors. ICA is also involved in the construction, maintenance and operation of highways, bridges and tunnels under concession granted by the Mexican government. In addition, ICA manufactures and markets industrial goods; owns and operates hotels. The company is involved in the quarrying and marketing of constructing aggregates, particularly limestone.
 -0- 1/4/93
 /CONTACT: Javier Mora, director of finance of Empresas ICA Sociedad Controladora, 011-525-272-9991, or Fern Lazar of Dewe Rogerson, 212-688-6840, for Empresas ICA Sociedad Controladora/
 (ICA)


CO: Empresas ICA Sociedad Controladora, S.A., de C.V. ST: IN: CST SU:

WB-TM -- NY071 -- 1441 01/04/93 16:51 EST
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Publication:PR Newswire
Date:Jan 4, 1993
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