OHL Concesiones S.A.U., subsidiary 100% owned by OHL and main shareholder of OHL Mexico, S.A.B. de C.V., has sold 130 million shares of OHL Mexico, representing 7.5% of its share capital, at a price of 30.00 Mexican Pesos per share.
After this transaction OHL Concesiones continues to maintain a controlling stake of 56.14% in OHL Mexico.
This transaction enlarges the liquidity and marketability of the shares of OHL Mexico substantially, as well as diversifies its international investors base.
This transaction is framed within OHL Group Financial Policy, and its proceeds (US$286 million) will be initially used to reduce recourse debt at OHL Group's parent company level, providing a very valuable additional financial flexibility within the context of the strategic plans of the group.
In addition OHL Mexico has announced plans to sell up to a 10% stake in Concesionaria Mexiquense SA (Conmex), its most important concession operator in the country. According to sources OHL Mexico has plans to sell part of its stake in road concessions to develop new projects.
OHL México is one of the largest operators in the private sector of concessions in transportation infrastructure in Mexico and is the leader of its sector in the Mexico City metropolitan area in terms of number of concessions assigned and kilometers managed. The company's portfolio includes six toll road concessions, five of which are in operation and one in the pre-construction phase.
In March 2014 we reported that OHL México had been selected as the preferred bidder for the construction, operation and maintenance during 30 years of the Atizapán-Atlacomulco highway in the state of Mexico. The firm offered to build the highway at a cost of 5.86 billion pesos ($449 million). The project consists of building a 74 km six and four lane highway, in specific stretches, to give a new exit to the western region of the county to the traffic flows of the Mexico City Metropolitan Area.