Notes to consolidated financial statements
For the years ended December 31, 2011 and 2010 (as adjusted)
(In thousands of Mexican pesos ($) and thousands of U.S. dollars (US$))
22. Subsequent events
a. On October 24, 2011, Grupo Carso, announced its decision to begin the necessary processes to present a public offering to acquire all the Series B-1 common stock shares of CICSA which are not directly or indirectly owned by the Company as of the date.
If this public offering were accepted by the shareholders of CICSA, Grupo Carso would acquire 32.82% of the shares outstanding of CICSA. As a result of this acquisition, added to the 67.18% of the shares outstanding of CICSA which it owns either directly or indirectly as of that date, Grupo Carso would own all of the shares representing the common stock of CICSA.
The share purchase price proposed by the management of GCARSO was $8.20 pesos each share. At the end of the entire process with the respective authorities, the public offering was launched and ended on February 9, 2012, as a result of which Grupo Carso holds 99.87% of the shares representing 100% of the common stock of CICSA.
Pursuant to the foregoing, the Company decided to begin the respective procedures to delist CICSA on the stock market.
b. On February 13, 2012, Operadora, with the participation of CICSA, signed a contract with the concessionaire Autopista Guadalajara Tepic, S.A. de C.V., for the construction of the Guadalajara Southern Bypass which covers 111 kms, at a value of $6,011,619 and work is expected to begin before the end of the first quarter of 2012.
c. On January 27, 2009, the National Banking and Securities Commission (CNBV) issued amendments to the Unique Circular on Securities Issuers to incorporate the obligation to present financial statements prepared on the basis of International Financial Reporting Standards (IFRS) beginning in 2012. Early adoption is permitted. The Company decided to adopt IFRS as of January 1, 2011. Therefore, between December 31, 2010 and the date of issuance of this report, the Company amended its policies to stop using MFRS and adopt IFRS as the basis to prepare its financial statements. In Note 23 are indicated the most relevant changes made by the Company in its accounting policies as a result of adopting IFRS, and the estimated impact this changes will have on the main items of its financial statements.