Mexican construction firm Elementia expects IPO later this year

lunes 4 de mayo de 2015 19:55 GYT
 

MONTERREY May 4 (Reuters) - Mexican construction conglomerate Elementia, part-owned by tycoon Carlos Slim, still expects to go public this year after market volatility caused it to miss a launch target, the company said on Monday.

"We think that the volatility has diminished, which means that we'll probably be ready to do it in the next six months," said Fernando Ruiz, who became chief executive in February.

In November, previous CEO Eduardo Musalem said the initial public offering (IPO), worth about $400 million, was possible by March.

Ruiz said the IPO would raise capital for expansion in both domestic and foreign markets, but did not elaborate.

Elementia is co-owned by Slim's industrial conglomerate Grupo Carso and Mexican businessman Antonio del Valle, who controls plastic pipe maker Mexichem . (Reporting by Gabriela Lopez; Writing by David Alire Garcia; Editing by Richard Chang)