Spain's Sacyr expects to close bidding process for Colombian highways by March

MADRID, Feb 28 (Reuters) - Sacyr expects to close the bidding process for the sale of its Colombia highways concession as early as March, the Spanish engineering company said on Friday.

Madrid-based Sacyr has been considering either selling a stake or the whole concession to operate four highways in Colombia, depending on the bids it is currently receiving, as it seeks to focus on U.S. investments.

It had said in July last year it was reviewing the plan to sell assets in Colombia and Chile and could instead transfer them to its new unit Voreantis, in which it placed all its current assets.

"We expect binding offers to be completed in March," Chairman and CEO Manuel Manrique said during a call with analysts to discuss its annual results. He added that there was strong investor interest in the Colombian assets.

The company has not disclosed the value of the assets.

Sacyr also continues to seek a partner to raise cash and better compete with larger rivals for lucrative infrastructure contracts in countries such as the United States where it plans to bid for several highway projects over the next two years.

Its shares were up 0.4% on Friday after the company reported a 7% rise in 2024 net profit on Thursday and said its operating cash flow rose to 1.29 billion euros ($1.3 billion), a 53% increase from 2023.

($1 = 0.9616 euros)