MEXICO CITY (CNNExpansión) – Grupo Radio Centro reported Friday that did not make the payment for the broadcast network that obtained tender Federal Telecommunications Institute (IFT ).
“So bid security cover provided to the process by operations previously referred liquidity,” said information sent to the Mexican Stock Exchange, a few hours before the deadline to pay the consideration.
The security gave the regulator is 415 million pesos.
The regulator said later that failure causes the company “is ineffective and failure Bidding declared void”.
“The Institute will proceed to the execution of the bid security (…) granted by the group during the process, in terms of the provisions themselves Bidding” he added in a statement.
The company that runs Francisco Aguirre to win the bid proposed a payment of 3,058,000 pesos, up from 1.808 million to bid Three String, Image Group, the other winner of the competition and which has already received authorization to have the concession.
The minimum reference price established in the bidding for each of the chains was 830 million pesos.
Radio Centro shares closed with a decline of 4.76% to 22 pesos on Friday.
“In fulfilling its mandate to ensure the efficient development of the telecommunications and broadcasting, as well as the efficient use of radio spectrum, the Institute will discuss shortly actions to take regarding bands frequencies that have become available, “the IFT.
In 2014 Radio Centro had revenues of 986.5 million pesos and profits of 85.3 million, according to the latest quarterly report from the firm.
The company was founded by Francisco Aguirre Jimenez in 1952 and its main activities are the production and transmission of music programs, entertainment and news.
It has 15 radio stations, 12 of them in Mexico City plus one in Guadalajara, Monterrey and Los Angeles.
Among his most notable brands are Radio Network, Format 21, Stereo Joya, Universal, Alfa 91.3 and Palco Deportivo.
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