MEXICO CITY (Reuters) - Mexico’s ICA said on Monday it expects to delist from the New York Stock Exchange (NYSE) after July 17, as the cash-strapped construction firm’s share price has tumbled on debt woes.
NYSE notified ICA in January that its American Depositary Shares were trading below $1 for more than 30 days in a row, “and therefore did not meet the requirements for continued listing on the NYSE, subject to a six-month cure period”, ICA said in a statement.
ICA said the delisting would not affect Mexico’s bourse, where roughly 80 percent of trading in its shares takes place.
Hammered by a hefty dollar-denominated debt, a weak peso and fewer infrastructure projects, ICA stopped making interest payments on debt last year and has hired Rothschild to help it restructure.
The builder unveiled a preliminary plan that offered few details earlier this month and said it would borrow $215 million from financier David Martinez’s vehicle Fintech.
Shares of ICA closed on Monday at 3.11 pesos in Mexico.
Reporting by Alexandra Alper and Jean Luis Arce; Editing by Himani Sarkar