The OHL Group Successfully List Their Subsidiary OHL Mexico on the Mexican Stock Exchange

The OHL Group has successfully carried out the Initial Public Offering for the shares of its subsidiary concessionaire in Mexico, OHL Mexico (OHLMEX). The company’s shares will be listed on the Mexican Stock Exchange as of today, 11 November, 2010. The release price will be 25 Mexican pesos per share.

Santander Bank and Credit Suisse have acted as Global Coordinators and UBS and BBVA-Bancomer as Joint Bookrunners for the international and local phases respectively.

The offer was made up of a first tranche (increase in capital) of 368,225,185 shares, equivalent to 32.74% of the pre-existing capital; and a second tranche of 21,197,798 shares. There is an over-allotment option (a greenshoe) in favour of the underwriting banks that may be used in the thirty days following the initial listing date, and if it happens will be met by the controlling shareholder via the sale of those shares in the second phase.

The operation had an excellent reception by Mexican and international investors. Half of the shares were placed among Mexican investors, primarily institutional investors, among which the main AFORE (pension funds) stand out, and the other half among top level international institutional investors.

The price of 25 pesos per share puts the value of the company, before the increase in capital, at 28,114 million pesos (1,661 million euros at the current exchange rate) and at 37,320 million pesos (2,205 million euros) following the increase in capital.

These figures make it the largest entry into the stock market in the Mexican Stock Exchange in the last 10 years and the third in in the world in the transport infrastructures sector the last five years. The operation provides OHL Mexico the resources necessary to complete their investment programme and for their future development.

The OHL Group maintain a 73.9% holding in OHL Mexico that will be reduced to 70% if the underwriters exercise a full greenshoe.

OHL Mexico own the concession and run six toll motorways (total length 355 km) in Mexico City and in the states of Mexico and Puebla, and they own 49% of the capital of Toluca International Airport , the second biggest airport in Mexico City representing a total investment commitment of 55,983 million pesos (3,313 million euros). The OHL Group began with concessions in Mexico in 2003 and since then has invested a total of 593 million euros at the current exchange rate.

OHL Concessions is a subsidiary 100% owned by the OHL Group which manage 31 concessions in six countries (Spain, Brazil, Mexico, Argentina, Chile and Peru), with a total investment of 14,700 million euros including 23 toll motorways totalling 4,414 km, an airport, two railways and five ports.

The market value of the OHL Group’s shares in their two listed subsidiaries (OHL Mexico and OHL Brazil) reaches 2,682 million euros.