Source - RNS
RNS Number : 6623L
Obrascon Huarte Lain, S.A.
04 October 2016
 

 

 

London Stock Exchange

 

Madrid, October 4th, 2016

 

Ref.: Notification of Significant Event: 24.01% OPI stake sale

 

Dear Sirs,

The company, OBRASCON HUARTE LAIN, S.A. (OHL), in compliance with current legislation, hereby reports the following:

SIGNIFICANT EVENT

The Company informs that its Mexican subsidiary OHL MEXICO, S.A.B. de C.V. has notified the market the following statement:

OHL MEXICO AGREES TO INCREASE IFM GLOBAL INFRASTRUCTURE FUND'S PARTICIPATION IN THE COMPANY'S SUBSIDIARY CIRCUITO EXTERIOR MEXIQUENSE.

Mexico City, October 4 - OHL México, S.A.B. de C.V. ("OHL México" or the "Company") (BMV: OHLMEX) announced today that an agreement has been reached with IFM Global Infrastructure Fund ("IFM"), a global fund manager, to increase IFM's participation in Organización de Proyectos de Infraestructura ("OPI"). The form and terms in which IFM's increase in participation in OPI will be made are subject to obtaining certain third party consents and governmental authorizations. Once the form and terms have been determined, the Company will inform the public of the terms established by the applicable provisions.

Once the transaction is completed, IFM will increase its holding in OPI's capital stock from 24.99% to 49%, and OHL México will hold 51%. OPI is the controlling company of Concesionaria Mexiquense ("Conmex"), the company responsible for the operation of the Circuito Exterior Mexiquense ("CEM"), a toll road in México which has a remaining concession life of 35 years. With 110 kilometers in length, this toll road surrounds northeast Mexico City and is located in a densely populated industrial area with high rate of motorization.

IFM has agreed to pay Ps. 8,644 million as consideration for the increase in its participation in OPI.

This agreement is consistent with OHL México's strategy of rotating mature assets and reinforces the Company's financial capacity. The resources from this operation will improve its equity position with the objective of investing in new concessional projects, materializing any opportunity for growth. This agreement also reflects the successful alliance between OHL México and IFM.

Yours faithfully,

 
José María del Cuvillo Pemán
Secretary of the Board of Directors

This information is provided by RNS
The company news service from the London Stock Exchange
 
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