OHL selling stake in Mexico subsidiary

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Tuesday, November 18, 2014

Spanish construction group OHL said it was meeting with investors to sell off between 5% and 10% of subsidiary OHL Mexico.

OHL would remain the majority shareholder in the company, Reuters reported.

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OHL Mexico also plans to sell subsidiary Conmex, which operates state highways in the country.

Proceeds raised would be used to help finance investment in existing concessions at the pre-construction phase and for future concessions.

OHL reported net income of 87.5mn euros (US$109mn) for the first nine months, down 41% year-on-year.

The group controls some 64% of OHL Mexico.