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OHL DEVELOPS A HIGHWAY IN MEXICO WITH COFIDES’ FINANCIAL SUPPORT.
The Group OHL and COFIDES have reached an agreement through which COFIDES supplies financial support to the concession “Autopista del Norte”, which is 100% owned by OHL Mexico.
The agreement implies the entry of COFIDES, with FIEX resources, as shareholder in the concessionary “Autopista del Norte”. The operation has been signed by the Chairman and Chief Executive Officer at COFIDES, Salvador Marín, and the Chief Executive Officer at OHL Concesiones, Juan Osuna. The Secretary of the State for Commerce, Jaime García-Legaz, and the Chairman of OHL, Juan-Miguel Villar Mir, attended the firm as well.
COFIDES has committed a maximum of 25 million euros, to be drawn in accordance with the financial requirements for developing the concessionary. Furthermore COFIDES is committed to hold a share below the 12% stake of “Autopista del Norte”.
In addition, OHL Mexico has an option to buy COFIDES’ stake the second year after the first outlay, which would be mandatory the fifth year after the mentioned first outlay.
In June 2010 the Government of Mexico D.F. has awarded OHL Mexico a concession for a period of 30 years. The concession comprises the development of a northern stretch of 9 km. in the beltway of the city of Mexico, although mainly consists of a double-body elevated viaduct with three lanes in each direction and includes the execution of a tunnel to preserve the Bosque de Chapultepec’s area.
“Autopista del Norte” is already operating two tranches of 2.5 km. and five branches with a total length of 1.6 km. that are open to traffic. Moreover this highway connects with an urban motorway, the Viaducto Bicentanario, which was also built and actually being managed by OHL Concesiones in Mexico.
Hitherto, COFIDES has financially supported OHL projects in Mexico, Peru and Czech Republic with a total commitment that exceeds 100 million euros.