Mexico billionaire Slim's construction company plans $1.4 billion offering

IDEAL HOLDINGS

22/02/2020 01:08

MEXICO CITY, Feb 21 (Reuters) - Mexican infrastructure
company Promotora del Desarrollo de America 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 $1.4 billion this year. 
    Promotora Ideal  IDEALB1.MX , as the company is known, said
in a filing to the Mexican stock exchange that the 25.8 billion
Mexican pesos ($1.365 billion) offering would be via a Fibra E,
a Mexican real estate investment trust. 
    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).
    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.  

($1 = 18.8949 Mexican pesos)

 (Reporting by Abraham Gonzalez; Writing by Stefanie
Eschenbacher; Editing by Cynthia Osterman)
 ((Stefanie.Eschenbacher@thomsonreuters.com;))