(Updates with statement from ICA)
MEXICO CITY, Jan 26 (Reuters) - Shares of embattled Mexican construction firm ICA were suspended after surging over 30 percent on Tuesday following two earlier suspensions in trading due to volatility.
Hit by a heavy dollar debt load, a sinking peso and a cash crunch from fewer projects, ICA has announced it would default on two interest payments of about $37 million.
Shares in ICA, which have been battered by the problems, had leapt on Friday by more than 60 percent, and a spokesman for the Mexican stock exchange said the stock would stay suspended until the company gave an explanation for the big movements.
“Until that information is sent, the suspension will not be lifted,” the bourse spokesman said.
ICA, which has said it would draw up an initial restructuring plan by mid-February, later issued a statement saying it did not know what had sparked the movements, but that they could be linked to media speculation about the company.
ICA added that it did not yet have a restructuring or recapitalization plan, because this was still being analyzed.
“In addition to this, ICA informs that it has not been formally summoned to court by any of its creditors,” the company said, without giving further details.
The firm added that it was still talking to Mexico’s transport and communications ministry about the possibility of extending its concession periods for four highways.
The company’s stock was up 36 percent at 4.42 pesos at the final Tuesday suspension at 9.41 a.m. local time (1541 GMT). (Reporting by Gabriela Lopez, Alexandra Alper and Miguel Gutierrez; Editing by Dave Graham and Stephen Coates)