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

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 Idea

l, 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 .

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

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