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2016-01-20

Empresas ICA, S.A.B. de C.V.: ICA Announces Non-Payment of Interest for Senior Notes due 2017 and Management Change

MEXICO CITY, Jan. 20, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V.
(BMV: ICA) (NYSE:ICA),
the largest infrastructure and construction company in Mexico, ICA announced
today that the Company's Board of Directors has decided that ICA will not pay
the approximately US$6 million interest payment that is due on January 25,
2016 on ICA's 8.375% senior notes due 2017. ICA has made this decision in
order preserve liquidity, prioritize ongoing operations, and fund projects
currently under development. The Company is exploring various options to
help manage its indebtedness, but currently has no specific transactions
planned other than those previously reported.

Appointment of Financial Restructuring Officer

ICA also announced that it has retained Guadalupe Phillips Margain as
Financial Restructuring Officer, to assist with ICA's restructuring
initiatives. Ms. Phillips has over twenty years of experience in Mexican
markets and was most recently Vice President of Finance and Risk with Grupo
Televisa, S.A.B. She holds a law degree from the Instituto Tecnológico
Autónomo de México (ITAM) and an M.A. and Ph.D. from the Fletcher School of
Law and Diplomacy at Tufts University. Orlando Loera is no longer with the
Company.

This press release contains projections or other forward-looking statements
related to ICA that reflect ICA's current expectations or beliefs concerning
future events. Such forward-looking statements are subject to various risks
and uncertainties and may differ materially from actual results or events due
to important factors such as changes in general economic, business or
political or other conditions in Mexico, Latin America or elsewhere, changes
in capital markets in general that may affect policies or attitudes towards
lending to Mexico or Mexican companies, changes in tax and other laws
affecting ICA's businesses, increased costs, unanticipated increases in
financing and other costs or the inability to obtain additional debt or
equity financing on attractive terms and other factors set forth in ICA's
most recent filing on Form 20-F and in any filing or submission ICA has made
with the SEC subsequent to its most recent filing on Form 20-F. All
forward-looking statements are based on information available to ICA on the
date hereof, and ICA assumes no obligation to update such statements.

Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA
carries out large-scale civil and industrial construction projects and
operates a portfolio of long-term assets, including airports, toll roads,
water systems, and real estate. Founded in 1947, ICA is listed on the Mexican
and New York Stock exchanges. For more information, visit ir.ica.mx.

For more information, please contact:

Elena Garcia
elena.garcia@ica.mx

Gabriela Orozco
gabriela.orozco@ica.mx

relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3608

Pablo Garcia
Chief Financial Officer
pablo.garcia@ica.mx

In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson@zemi.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via Globenewswire

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Författare WKR

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