Panama to Buy Northern Highway for $650 million
The purchase of the highway from the Mexican company Pycsa comes after the $420 million acquisition of the Southern Highway.
Friday, March 2, 2012
The government will buy the Northern Highway (Corredor Norte) for $650 million, given in concession to Mexican company Proyectos y Construcciones (Pycsa).
The government has signed a contract for the acquisition of 100% of the shares of the road called ‘Corredor Sur’ from the company ICA.
The Cabinet Council of Panama has authorized the acquisition of the Northern Corridor Highway from the Mexican company Pycsa, for a total of $650 million.
The Mexican company ICA made a net profit of about $220 million after the concession for the Southern Corridor reverted to the Panamanian government.
It has been announced that the purchase of the highway from the Mexican company PYCSA by the Panamanian State will be completed in July and funded by issuing bonds.
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