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EMPRESAS ICA SOCIEDAD ECONTROLADORA, S.A. DE C.V. ANNOUNCES PROPOSED INITIAL PUBLIC OFFERING

 EMPRESAS ICA SOCIEDAD ECONTROLADORA, S.A. DE C.V. ANNOUNCES
 PROPOSED INITIAL PUBLIC OFFERING
 MEXICO CITY, March 18 /PRNewswire/ -- Empresas ICA Sociedad Controladora, S.A. de C.V. (ICA) announced today that it has filed a registration statement with the Securities and Exchange Commission in connection with a global initial public offering of common stock. The U.S. offering will consist of 8,400,000 American Depositary Shares (ADSs), each of which will represent one ordinary participation certificate (CPO), representing a financial interest in one share of common stock of the company. Concurrently with the U.S. offering, the company will offer 8,300,000 shares of common stock in Mexico and 8,300,000 ADSs outside the United States and Mexico.
 The offering is expected to commence in early April. Morgan Stanley & Co. Incorporated is the lead manager of the U.S. offering. The First Boston Corporation and Shearson Lehman Brothers Inc. are co-lead managers of the U.S. offering. Internacional Servicios Financieros, S.A. de C.V. (ISEFI) is acting as adviser to the company in connection with the offering.
 All of the ADSs and shares are being offered by the company. Prior to the proposed offering there has been no public market for the ADSs or the common shares. The shares are expected to be listed on the Mexican Stock Exchange, and the ADSs have been approved for listing on The New York Stock Exchange and are expected to be quoted through SEAQ International. The offering price is expected to be between $14 and $16 U.S. dollars per ADS.
 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.
 The company 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.
 ICA 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.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication 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.
 For more complete information about the company, a prospectus may be obtained from Morgan Stanley & Co. Incorporated, 1251 Avenue of the Americas, New York, N.Y., 10020; telephone 212-703-4000.
 -0- 3/18/92
 /CONTACT: Victor H. Bravo of ICA (in Mexico), 011-525-272-9991 ext. 34/ CO: Empresas ICA Sociedad Controladora, S.A. de C.V. ST: IN: CST SU: OFR


AH -- NY076 -- 9380 03/18/92 16:31 EST
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Publication:PR Newswire
Date:Mar 18, 1992
Words:570
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