ICA expects to delist from New York Stock Exchange in July

Mexico's ICA said on Monday it expects to delist from the New York Stock Exchange (NYSE) after July 17, as the cash-strapped construction firm's share price has tumbled on debt woes.

NYSE notified ICA in January that its American Depositary Shares were trading below US$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 in a statement.

ICA said 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.

The builder unveiled a preliminary plan that offered few details earlier this month and said it would borrow US$215 million from financier David Martínez's vehicle Fintech.

Shares of ICA closed on Monday at 3.11 pesos in Mexico.