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Carlos Slim’s construction company Promotora Ideal to hold biggest public stock offering in Mexico

Promotora Ideal manages highway, water treatment, electric energy generation, and social infrastructure projects across Mexico

Carlos Slim’s construction company Promotora Ideal to hold biggest public stock offering in Mexico
Mexican billionaire Carlos Slim speaks during a news conference – Photo: Edgard Garrido/REUTERS
English 25/02/2020 12:33 Reuters Mexico City Abraham González, Stefanie Eschenbacher & Cynthia Osterman /REUTERS Actualizada 12:49
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Mexican infrastructure company Promotora del Desarrollo de América Latina, which is controlled by billionaire Carlos Slim, said on Friday that it plans a public offering of real estate investment trust units worth almost USD $1.4 billion this year.

Promotora Ideal, as the company is known, said in a filing to the Mexican stock exchange that the MXN $25.8 billion offering would be via a Fibra E, a Mexican real estate investment trust.

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A Fibra E is an Infrastructure and Real Estate Trust that invests in infrastructure projects.

If successful, the listing would be the first of its type in a long time. In recent years, experts said, local companies have mostly raised funds via bonds and certificates of capital development (CKDs).

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Promotora Ideal manages highway, water treatment, electric energy generation, and social infrastructure projects across Mexico. Like other companies controlled by Slim, it is listed on the Mexican stock exchange.

The Fibra E structure was launched in 2015 in an attempt to attract investments in infrastructure and energy projects following a far-reaching reform under former President Enrique Pena Nieto that opened these sectors to private investors.

Credit Suisse has been tapped for the placements, documents published by the local stock exchange showed.

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