Panama to Materialize Highway Purchases

Between April and May, the Government will purchase the North and South highways for $ 1,070 million.

Tuesday, February 8, 2011

The likely dates for the transaction would be April 10 or May 25, added the Minister of Economy and Finance, Alberto Vallarino.

"One of the reasons for the postponement of the purchase, especially of the South Highway Corridor, in concession to Ingenieros Civiles Asociados (ICA), is because the firm has commitments to bondholders," reported Milenio.com.

More on this topic

Panama Buys $700 Million Highway Contracts

March 2010

The Government purchased the Southern Corridor highway, operated by ICA, and 51% of the Northern Corridor, operated by PYCSA.

$420 million were spent to purchase the South Corridor from Mexican corporation Ingeniero Civiles & Asociados (ICA), and $280 million were paid for 51% of the North Corridor, owned by Proyectos y Construcciones S.A. (PYCSA).

Panama Will Renegotiate Pycsa’s and ICA’s Contracts

March 2010

The government will renegotiate two highway construction contracts from the 1990s, one with ICA and another with PYCSA.

The announcement was made by Economy Ministry Alberto Vallarino after an audit process revealed that both projects are too costly to be profitable. Both contracts include financial discount rates that make it impossible to recoup the initial investment.

Panama Would Buy 100% of “Corredor Norte” Highway

May 2010

Initially, the government had negotiated to purchase 51% of the project, known as “Corredor Norte PYCSA”.

Newspaper Prensa.com explained that in recent talks, President Martinelli and the Mexican owners of the project would have agreed to transfer the entirety of the highway to the Government.

Panama: Sale of Corredor Sur Signed for $420 million

August 2011

The government has signed a contract for the acquisition of 100% of the shares of the road called ‘Corredor Sur’ from the company ICA.

The transaction was made between the State National Highway Company (ENA) and Ingenieros Civiles y Asociados (ICA), and consists of $25 million in equity and issuing $395 million in bond debt.

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