MEXICO CITY, June 29 (Reuters) - Mexico’s ICA said on Wednesday it expected to delist from the New York Stock Exchange on July 8, earlier than previously announced, as the construction company’s share price has tumbled on debt woes.
On Monday, ICA said it expected to delist from the exchange after July 17.
At the time, ICA said the exchange notified it in January that its American depositary shares were trading below $1 for more than 30 days in a row “and therefore did not meet the requirements for continued listing on the NYSE, subject to a six-month cure period.”
ICA said on Monday the delisting would not affect Mexico’s bourse, where roughly 80 percent of trading in its shares takes place.
Hammered by a hefty dollar-denominated debt, a weak peso and fewer infrastructure projects, ICA stopped making interest payments on debt last year and has hired Rothschild to help it restructure.
Local shares of ICA closed on Tuesday at 3.25 pesos (17 cents). The ADS’s closing price in New York was 70 cents.
$1 = 18.6970 pesos Reporting by Gabriel Stargardter; Editing by Lisa Von Ahn