Graña Y Montero: Evaluation of Its Financials, Delays Annual Report to the Security Exchange Commission (SEC)
May 17 2017 - 5:41PM
Business Wire
- The company may regain compliance with
the NYSE listing requirements by filing the 20-F with the SEC.
Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the
Company,” “the Group” or “Graña y Montero”), a leading Engineering
and Construction company, announced that it was not able to timely
file its Annual Report on Form 20-F for the fiscal year ended
December 31, 2016. As a result, the company is currently not in
compliance with SEC reporting requirements and the continued
listing requirements of the New York Stock Exchange (“NYSE”).
The company is currently in the process of evaluating its
financial presentation to be included in the 20-F, which is the
reason for the delay. As previously disclosed, the company is
carrying out additional procedures in connection with the
finalization of its consolidated financial statements and the
assessment of its internal controls as of and for the year ended
December 31, 2016.
Graña y Montero is continuing its ongoing internal investigation
of its association with affiliates of Odebrecht in some projects in
Peru. The company is also reviewing the financial presentation of
the consortia related to Gasoducto Sur Peruano (“GSP”) gas pipeline
concession, which was terminated by the Peruvian government
on January 24, 2017, due to the failure to obtain the required
project financing by the stipulated deadline. As part of its annual
review of internal controls, the company is also assessing
potential material weaknesses with respect to its internal control
over financial reporting.
The NYSE has informed the company that, under the NYSE’s rules,
the company will have six months to file the 20-F with the SEC.
Graña y Montero may regain compliance with the NYSE listing
requirements before that date by filing the 20-F with the SEC. The
company intends to file the Form 20-F as soon as practicable.
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version on businesswire.com: http://www.businesswire.com/news/home/20170517006382/en/
Graña y Montero S.A.A.Adriana Caballero,
511-213-6573Adriana.Caballero@gym.com.pe
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