Panama: $290 Million Widening of "Corridor" HighwaysTuesday, August 3, 2010 The company Ingenieros Civiles Asociados (ICA) has been given contracts to widen both the South and North Corridors. The works comprise the widening of the South Corridor to six lanes and the extension of the North Corridor, until 24 December. Panama: $125 Million to Widen Southern CorridorTuesday, April 27, 2010 Works comprise widening the road to seven lanes in both directions and relocating toll stations. Mexican corporation ICA will execute the project, which runs from “Presidente Remón” Hippodrome to Tocumen. Panama to Materialize Highway PurchasesTuesday, February 8, 2011 Between April and May, the Government will purchase the North and South highways for $ 1,070 million. The likely dates for the transaction would be April 10 or May 25, added the Minister of Economy and Finance, Alberto Vallarino. Appeal over Convention Center DismissedFriday, September 28, 2012 The directorate of the Panamanian State has dismissed a claim submitted by the builder ICA concerning defects on the bidding process used to select the builder of the Convention Center at Amador. In response to complaints by the Mexican company Ingenieros Civiles Asociados (ICA), the directorate said that the Tourism Authority of Panama complied properly with the format for publishing all the information related to the bidding process, therefore it resolves that the claim is inappropriate. Controller Confirms Award of Oil Terminal WorksThursday, December 1, 2011 The Controller of the Republic of Costa Rica has confirmed the award of the works on the oil terminal to the consortium ICA-MECO. The regulator dismissed appeals filed against the award on the grounds that they lacked merit. Another Company Interested in Amador Convention CenterTuesday, September 29, 2015 A consortium made up of Panamanian and foreign companies may be willing to resume the project for the same $193 million for which the work was originally tendered. Gustavo Him, administrator of the Panama Tourism Authority, "... made it clear that this is not to do with the Brazilian company Norberto Odebrecht or the Mexican company Ingenieros Civiles Asociados (ICA), which had expressed interest in the project months ago. ICA To Carry out Works on Extension of Highway in PanamaTuesday, September 13, 2011 The $114.8 million contract includes the study, design, procurement and construction of Phase II of the Northern Corridor. The works to complete the extension of the road to four lanes must be carried out in 24 months. Tender For Convention Center ChallengedThursday, September 27, 2012 The Mexican construction firm ICA has pointed to defects in the bidding process in the selection of the builder for the Amador Convention Center. Now the State Procurement Directorate has five working days to resolve the complaint that has been lodged. Change of Construction Company for Amador Convention CenterThursday, September 10, 2015 Lack of liquidity has prevented work from continuing with the original contractor, which could be replaced by Brazil's Odebrecht or the Mexican company Ingenieros Civiles Asociados. Eric Velasquez, engineer of the Tourism Authority of Panama in charge of coordinating this project, told Prensa.com that "... the consortium argued lack of financial capacity to make changes (which were requested by the ATP) and continue the work, therefore they agreed to find another company to take on the project without changing the final cost. Panama to Buy Northern Highway for $650 millionFriday, March 2, 2012 The purchase of the highway from the Mexican company Pycsa comes after the $420 million acquisition of the Southern Highway. The government will buy the Northern Highway (Corredor Norte) for $650 million, given in concession to Mexican company Proyectos y Construcciones (Pycsa). Panama: $ 300 million Ocean Reef Islands ProjectThursday, October 14, 2010 With the presence of President Ricardo Martinelli the Ocean Reef Islands project was launched. Ingenieros Civiles Asociados (ICA), contractor and builder Grupo Los Pueblos developer of Punta Pacific Islands, will invest approximately $ 300 million. Three Proposals for Convention Center in AmadorThursday, September 6, 2012 The companies Constructora Norberto Odebrecht, Ingenieros Civiles y Asociados (ICA), and the consortium HPC-Contratas-PIB have submitted their proposals for the construction of the new convention center. The best value tender is for the design, equipment, and construction of a center for conventions, events, and exhibitions, in Amador, Panama City. Panama: Sale of Corredor Sur Signed for $420 millionTuesday, August 2, 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. $220 million Profit on Sale of HighwayWednesday, August 24, 2011 The Mexican company ICA made a net profit of about $220 million after the concession for the Southern Corridor reverted to the Panamanian government. A press release by the company dated August 1, 2011 stated that “Today, ICA and the company owned by the Government of Panama, the National Highway Company, SA (ENA) signed an agreement for the sale of shares held by ICA Panamá, for the ‘Corredor Sur’ concession. Panama Will Renegotiate Pycsa’s and ICA’s ContractsWednesday, March 3, 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. |
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