MEXICO CITY, MX / ACCESSWIRE / July 8, 2019 / GRUPO GICSA, S.A.B. de C.V. ('GICSA' or 'the Company') (BMV: GICSA), a leading Mexican company specializing in the development, investment, commercialization and operation of shopping malls, corporate offices, industrial buildings and mixed-use properties, informs the following:
As part of GICSA's cost optimization strategy, the Company made minor adjustments to its workforce that represent less than 5% of its current headcount.
Additionally, due to the operational transfer process for the 18 projects that are part of FUNO's Portafolio Morado and in accordance with the usual procedures used in these cases, GICSA and FUNO carried out the personnel transfer of this portfolio, fully in line with the established Mexican Federal Labor Laws. As a result, these employees ceased to be part of GICSA's payroll.
Finally, GICSA informs that two of the five projects currently under construction throughout the country, are in Mexico City. All of them, are working according to plans and with strict adherence to the regulations and rules of each location. At this time, there are not obstructions for any of the projects that the Company is developing in Mexico City.
About the Company
GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and industrial warehouses well known for their high quality standards, which transform and create new development spaces, lifestyles and employment in Mexico, in accordance to its history and executed projects. As of March 31, 2019, the Company owned 15 income-generating properties, consisting of nine shopping malls, five mixed use projects (which include four shopping malls, four corporate offices and one hotel), and one corporate office buildings, representing a total Gross Leasable Area (GLA) 836,302 square meters, and a Proportional GLA of 697,219 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).
This press release may contain forward-looking statements and involve risk and uncertainty. The words "estimates", "anticipates", "projects", "plans", "believes", "expects", "seeks" and similar expressions, are intended to identify forward-looking statements. Grupo GICSA warns readers that declarations and/or estimates mentioned in this document, or stated by Grupo GICSA's management team, are subject to a number of risks and uncertainties that could be in function of various factors that are out of Grupo GICSA's control. Future expectations reflect Grupo GICSA's judgement at the date of this document. Grupo GICSA reserves the right or obligation to update information contained in the report or derived from it. Past or present performance is not an indicator of future performance. Grupo GICSA warns that a significant number of factors may cause actual results to differ materially from estimates, objectives, expectations, and intentions expressed in this report. Neither the Company or any of its subsidiaries, affiliates, directors, executives, agents or employees may be held responsible before third parties (including shareholders) for any investment, decision, or action taken in relation to the information included in this document, or by any special damage or similar that may result.
Investor Relations Contact:
+52 (55) 51 48 04 00 ext. 4609
+52 (55) 51 48 04 02
+ (52) 55 5148 04 00
SOURCE: GRUPO GICSA, S.A.B. DE C.V.
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