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Mexico’s ICA drops bid for Panama $1.5 billion subway

Tuesday, October 26, 2010

Mexico's leading construction company ICA said on Monday it pulled out of a competition to build a subway in Panama but is aiming for big scale contracts in Mexico, maintaining a steady flow of projects in the pipeline.

Several building consortia were allowed to bid in March on a $1.5 billion contract to construct a subway in Panama.

"Our consortia was not ready to put in a bid ... we are not in the bidding process anymore," ICA's chief financial officer Alonso Quintana told analysts.

Original source: Reuters