LIMA, Peru--(BUSINESS WIRE)--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.