# FORM 6-K
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# Report of Foreign Private Issuer

# Pursuant to Rule 13a-16
or 15d-16of the Securities Exchange Act of 1934

For the month of November, 2003Commission File Number 1-11080

THE ICA CORPORATION
HOLDING COMPANY(Translation of registrants name into English)

Minería No. #14511800 México D.F.
(Address of principal executive offices)

Form 20-F....X.....Form 40-F.........

Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): ____ 

Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ____ 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

Yes ..... No...X...

If Yes is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
________

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# ENGLISH TRANSLATION OF
SPANISH ORIGINAL

# EMPRESAS ICA SOCIEDAD CONTROLADORA, S.A. DE C.V.

# Notice to Shareholders 
Capital Increase and Preemptive Rights

The
shareholders of Empresas ICA Sociedad Controladora, S.A. de C.V. (the
Company) are hereby notified that the general ordinary
shareholders meeting held on November 17, 2003 resolved, among other issues, to
increase the variable portion of the Companys capital stock in two tranches or
stages, which shall be deemed as a single legal act, on the following terms.

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CAPITAL INCREASE

After
noting that the authorized capital of the company is Ps. 686,925,122.56, represented by
621,561,433 ordinary shares, without par value, the general ordinary shareholders
meeting approved a capital increase in the variable portion of the Companys capital
stock through the issuance of new shares, divided in two stages as follows:

| | (a) | First Stage. An increase in the variable portion of the capital stock was
approved, leaving sufficient shares in treasury in order for the Company to
honor, in a timely manner, the commitments associated with the Companys
convertible debentures and its different stock option plans for its officers and
employees, in an amount of Ps.91,969,303.28, represented by the issuance of
83,218,054new ordinary shares, without par value, which will be offered
to the Companys current shareholders for subscription and payment at a
price of Ps.3.75per share, with a theoretical value of Ps.1.1051604654
and any excess to be considered as a share subscription premium.
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| | (b) | Second Stage. A second stage increasing the variable portion of capital
stock was approved, the proceeds of which will be used to fund the
Companys Financial Restructuring Program that was approved at the general
ordinary shareholders meeting, in an amount of Ps.2,486,245,732.00,
represented by the issuance of 1,243,122,866new ordinary shares, without
par value, which will be offered for subscription and payment to the
Companys current shareholders at a price of Ps.2.00per share, the
proceeds of which would be destined entirely to paid-in capital, without a share
subscription premium.
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PREEMPTIVE RIGHTS

The
general ordinary shareholders meeting approved that the shares to be issued as part
of the capital increase shall be offered to current shareholders as follows:

| | (a) | First Stage.In accordance to Article 132 of the Ley General de
Sociedades Mercantiles(the General Law of Commercial
Companies) and the seventh clause of the Companys bylaws, the
shareholders resolved to grant current shareholders the statutory preemptive
right to subscribe for the 83,218,054shares to be issued in the first
stage of the capital increase, at a subscription price of Ps. 3.75per
share, with the understanding that Ps.1.1051604654 of such amount corresponds to
paid-in capital and the excess binge considered a share subscription premium.
Such preemptive right may be exercised as follows: (a) in proportion to the
shareholders current share ownership for a period of 15 calendar days from
the day following the date of publication of the subscription notice in the
Diario Oficial de la Federación(the Official
Gazette of the Federation) and El Universalnewspaper; (b) the subscription factor shall be 13.388548510new
shares for each 100 shares currently owned by the shareholder; (c) shareholders
must be Mexican individuals or Mexican corporations with a clause excluding
foreign investors and (d) shareholders who are individuals must present to the
Company, prior to their subscription, any documents required by applicable law.
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| | (b) | Second Stage. In accordance to Article 132 of the General Law of
Commercial Companies and the seventh clause of the Companys bylaws, it was
resolved to grant the current shareholders of the Company the statutory
preemptive right to subscribe for the 1,243,122,866new shares to be
issued in the second stage of the capital increase, at a subscription price of
Ps.2.00per share, the proceeds of which will be destined entirely to
paid-in capital, without a share subscription premium. Such preemptive right may
be exercised as follows: (a) in proportion to the shareholders current
share ownership for a period of 15 calendar days from the day following the date
of publication of the subscription notice in the Official Gazette of the
Federation and El Universalnewspaper; (b) the subscription
factor will be twonew shares per each share currently owned by the
shareholders; (c) shareholders must be Mexican individuals or Mexican
corporations with a clause excluding foreign investors and (d) shareholders who
are individuals must present to the Company, prior to their subscription, any
documents required by applicable law.
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ISSUANCE OF STOCK CERTIFICATES

The
general ordinary shareholders meeting resolved that the shares issued in connection
with the first and second stages of the capital increase may be documented by multiple
certificates in accordance with Ley de Mercado de Valores,(the
Securities Markets Law) without prejudicing the right of any
shareholder to request that the certificates be divided, in accordance with legal
requirements. As previously agreed by the Companys board of directors, it was
resolved to proceed with the issuance and exchange of new final or provisional stock
certificates, represented by Series 4/03 for the first stage and by Series 5/03 for the
second stage of the capital increase; provided that the subscription rights for both
stages of the capital increase shall be exercised based on the respective annotation in
the Companys currently outstanding stock certificates.

Furthermore,
in the general extraordinary shareholders meeting held on November 17, 2003 at 1:00
PM, various amendments to the Companys bylaws were approved in order to bring the
bylaws into accordance with the Disposiciones de Carácter General aplicables a
las Emisoras de Valores y a otras participantes del Mercado de Valorespublished
in the Official Gazette of the Federation on March 19, 2003; including amendments related
to the minimum fixed portion of the Companys capital stock without modifying the
amount of outstanding shares or means for exercising preemptive rights resulting from
capital increases that do not imply the contribution of new resources by the shareholders.
In accordance with Article 140 of the Securities Markets Law, the Company will proceed
with the exchange of stock certificates in accordance with the relevant notice that shall
be published accordingly. The general extraordinary shareholders meeting approved the
cancellation of all outstanding securities and the issuance of new securities that include
the corresponding modifications to Companys bylaws.

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SHARES NOT SUBSCRIBED BY SHAREHOLDERS IN EXERCISE OF THEIR PREEMPTIVE RIGHT

The
general ordinary shareholders meeting resolved that shares not subscribed for by the
shareholders during the subscription period established by law shall be treated as
follows:

| | (a) | First Stage. Shares not subscribed by shareholders in exercise of their
preemptive right will be held in treasury, in order to timely comply with the
Companys various commitments with its directors and officers, provided
that shares destined for the Companys stock option plan that are not
beneficially assigned to the Companys officers and employees in accordance
with the stock option plan may be offered for subscription, subject to the prior
authorization by the Companys board of directors.
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| | (a) | Second Stage. Regarding the second stage of the capital increase, the
shareholders resolved that those shares that are not subscribed for by the
shareholders in exercise of their preemptive right during the subscription
period established by law (the Remaining Shares), may be placed with
individuals or entities as freely determined by the Companys board of
directors. The Companys board of directors was authorized, if it deems
appropriate, to offer to, among others, Inversora Bursátil, S.A. de C.V.,
Casa de Bolsa, Grupo Financiero Inbursa (Inbursa) a portion
of the Remaining Shares, in accordance with the Collaboration Agreement for the
Subscription of Shares, dated October 31, 2003 (the Collaboration
Agreement), which among other things, provides for the Companys
right to offer to Inbursa, and the obligation of Inbursa, acting on its own
behalf or on behalf of third parties, to participate in the capital increase in
an amount up to Ps.500 million at a subscription price of Ps.2.00 per share.
Additionally Inbursa was offered, but is not obligated, in accordance with the
terms and conditions of the Collaboration Agreement, up to Ps.1,000 million of
the Remaining Shares for placement on a best effort basis at a subscription
price of Ps. 2.00 per share. It was also resolved that that the Board of
Directors be delegated the powers to place with persons or entities any
Remaining Shares according to such terms and in such manner as may be
established by the Companys board of directors, including without
limitation, to determine the subscription price per share, which may not be
lower than the price offered to shareholders in exercise of their subscription
preemptive right; and to set out any other method as may be deemed appropriate
by the Companys board of directors for the subscription of the Remaining
Shares.
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Finally,
the Board of Directors was delegated the widest powers to freely determine the
procedures, form, terms, conditions, and time periods required for the transactions
contemplated in the shareholders resolutions; and to undertake any agreements that
it deems necessary or convenient or designate delegate or grant the internal approvals
and authorizations required to carry out the actions and sign documents concerning to the
aforementioned transactions.

Regarding
both stages of the capital increase approved at the shareholders meeting, and
particularly regarding the solicitation of subscription of the Remaining Shares, and
considering the interests of shareholders to be fully protected, the General Shareholders
Meeting took note of and unanimously approved authorizing the Board of Directors to
consider as not applicable the dispositions included in the Reglas generales
aplicables a las adquisiciones de valores que deben ser reveladas y de ofertas publicas
de compra de valores, published in the Official Gazette of the Federation on April
25, 2002.

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REGISTRY

The
shares issued as a consequence of the capital increase will be registered in the
Sección de Valores del Registro Nacional de Valores(the
Securities Section of the National Securities Registry) of the
Comisión Nacional Bancaria y de Valores (the National
Banking and Securities Commission) and in the Bolsa Mexicana de Valores, S.A.
de C.V.(the Mexican StockExchange). The registration in the
National Securities Registry does not imply any certification whatsoever regarding the
value or solvency of the Company. It is worth noting that the rights offering will not be
registered in any jurisdiction outside Mexico, and may be restricted by applicable law in
certain jurisdictions. In particular, the rights offering will not be registered in the
United States under the Securities Act of 1933, as amended (the Securities
Act). Therefore, the rights may not be offered to or exercised by any person in
the United States absent registration under the Securities Act or an applicable exemption
from the registration requirements under the Securities Act.

Furthermore,
shareholders are notified that the offering of the share subscription will only take place
in Mexico and the subscription rights may only be exercised through SD Indeval, S.A. de
C.V. (INDEVAL) or the secretary of the Companys board of directors.
Shareholders who physically hold stock certificates of the Company shall deposit them with
the INDEVAL or visit the office of the secretary of the Companys board of directors,
in accordance with the applicable legal provisions. Current shareholders should contact
their broker for any information related to the exercise of their subscription rights.

Considering
the foreign investment restrictions in the Companys bylaws, the shareholders
meeting approved that persons who participate in the capital increase must be Mexican
individuals or Mexican entities with a clause excluding foreign investors; however, it was
also resolved that the Company should carry out, to the extent possible, a new issuance of
Ordinary Participation Certificates under the Trust administered by Banco Nacional de
Mexico, S.A. or by any other trustee institution, without in any way implying that this
action would be an offering of subscription rights to shareholders in any jurisdiction
other than Mexico, considering the foreign investment restrictions in the Companys
bylaws. The Company will notify its shareholders if a new trust is formed. In this regard,
the fifth clause of the Companys bylaws specifies that only Mexican individuals or
Mexican entities with a clause excluding foreign investors may subscribe for the shares
issued as a result of the capital increase.

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RISK FACTORS

The
Company cautions that there are risks inherent in the decision to subscribe for shares as
part of the capital increase, including those listed below. Under no circumstances should
shareholders believe that these are the only risk factors that the Company believes could
significantly affect its performance and profitability, as well as the price of its
securities. Our shareholders must consider the risk factors described herein. The risks
and uncertainties described below are those of greatest importance; however, others could
also affect the Companys operations and activities.

| |  | Amount of Subscription:The Company cannot provide any assurance as to the number
of shares to be subscribed as part of the capital increase, or the net resources to be
raised in connection with the capital increase.
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| |  | Possible Change in Control:If the capital increase is not subscribed for by the
shareholders in exercise of the preemptive rights referred to in this notice, the board of
directors may offer the shares to a third party which may subscribe for a sufficient
number of shares to have a significant percentage of the Companys, or possibly
control the Company, without a prior offer to other shareholders. The Company cannot
provide any assurance in this regard.
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| |  | Adequacy of the Increase: The Company cannot provide any assurance that the
Financial Restructuring Program approved by the general shareholders meeting or the
resources resulting from the capital increase will be adequate to resolve the financial
problems that the Company currently faces, or that the Company will continue to be an
ongoing concern, and/or have the ability to meet its commitments.
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| |  | Authorizations: If shares are not subscribed for by the shareholders in exercise of
their preemptive right during the corresponding subscription period, and the
Companys board of directors offers these unsubscribe shares to a third party,
including Inbursa in accordance with the Collaboration Agreement, the share subscription
could, under the circumstances provided by the relevant law, be subject to authorization
by government agencies, including the Comisión Federal de
Competenciaand the National Banking and Securities Commission, among others.
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| |  | Firm Commitment: In the event of the occurrence of any of the following conditions,
regarding which the Company cannot provide any assurance whatsoever, Inbursa will be
released from any obligation to take any action; in particular, it will be released from
the commitment to subscribe to shares that have not been subscribed to by shareholders in
exercise of their preemptive rights, as if this commitment had never existed (except for
the obligation of the Company to pay the corresponding commission): (i) Material
Adverse Change. If there is any material change in the economic, financial,
tax, or legal condition of the Company, resulting from force majeure or any other cause,
except for changes that derive from its financial restructuring plan or non-negligent
actions taken by the Companys management; (ii) Impossibility.
If Inbursa or the investors that Inbursa procures are prevented from participating in the
capital increase by law or an order of a competent governmental authority, or by their
bylaws or any resolutions adopted in connection with the capital increase; (iii)
Insolvency. In the event of the Companys bankruptcy or
insolvency, or if any legal action against the Company that impedes its normal operation
or results from the capital increase are commenced; (iv) Suspension of
Listing. If the listing of the Companys shares is suspended (for more
than five days) or the registration of the shares issued by the Company in the Securities
Section or Special Section of the National Securities Registry or in the Mexican Stock
Exchange is cancelled and, (v) Participation of the Quintana Family.If Mr. Bernardo Quintana Isaac or members of his immediate family do not subscribe for at
least Ps.150 million of shares either by exercising their preemptive rights or by
subscribing for Remaining Shares simultaneously with the investors provided by Inbursa.
The Company can provide no assurance that the President of the Board of Directors and the
Director General of the Company will participate in the share subscription of the Company,
as set forth in the Collaboration Agreement.
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| |  | Share price may be volatile:The price of the Companys shares may be volatile
and fluctuate significantly in the future in response to various factors, including its
financial results, the expectations of analysts and investors, the announcement by the
Company or third parties of events that could affect its operations, the perception of
investors regarding the construction industry and similar companies; the hiring or
departure of key employees; and changes in general economic, political, and market
conditions in Mexico, the United States, and other countries. Most of these factors are
beyond the Companys control. These fluctuations could result in a significant
reduction in the price of the Companys shares. In addition, the stock market has
periodically experienced fluctuations in prices and volumes that have affected the shares
issued by companies related to construction. Frequently, these fluctuations have not had
any relation or proportion with the operating results of companies in the sector.
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For
more information about the Company, as well as additional risk factors, consult the annual
report presented to the National Banking and Securities Commission, to the Mexican Stock
Exchange, and to the investing public in accordance with article 33 (I)(b)(1) of the
Disposiciones de Carácter General Aplicables a las Emisoras de Valores y a
otros participantes del Mercado de Valorespublished in the Official Gazette of
the Federation on March 19, 2003. Such annual report is available on the Internet at
www.bmv.com.mxand on the Companys website, www.ica.com.mx.

This
notice is not an offer to sell or a solicitation to acquire the securities described and
is published in compliance with Article 132 of the General Law of Companies and the
Companys bylaws. As noted above, the rights offering will not be registered in any
jurisdiction outside Mexico, and may be restricted by applicable law in certain
jurisdictions. In particular, the rights offering will not be registered in the United
States under the Securities Act, and the rights may not be offered to or exercised by any
person in the United States absent registration under the Securities Act or an applicable
exemption from the registration requirements under the Securities Act.

Bernardo Quintana Isaac 
of Directors

Carlos Romandía
García 
Secretary of the Board of Directors and Delegate of the General Shareholders Meeting

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SIGNATURE

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 26, 2003

| | Empresas ICA Sociedad Controladora,
S.A. de C.V.                                  
| | ----------------------------------------------------------------------------------
| |                                                                                   
| | /s/ JOSE LUIS GUERRERO
Name: Dr. José Luis Guerrero
Title: Vice President, Finance