# 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 January, 2004Commission 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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# ICA ANNOUNCES THE FINAL
RESULTS OF THE CAPITAL INCREASE

Mexico City, January 9, 2004 
Empresas ICA Sociedad Controladora, S.A. de C.V. (BMV and NYSE: ICA),the largest
engineering, construction, and procurement company in Mexico, announces the final results
of the share subscription process relating to the capital increase approved by the General
Shareholders Meeting held November 17, 2003.

In accordance with the Collaboration
Agreement for the Subscription of Shares between ICA and Inversora Bursátil, S.A.
de C.V. Casa de Bolsa, Grupo Financiero Inbursa (Inbursa), all the remaining
unsubscribed shares from the capital increase were subscribed for. Therefore, pursuant to
the rights offering and the placement of shares under the Collaboration Agreement, the
totality of the 1,243,122,866 shares issued as part of the capital increase were
subscribed for, representing an amount of Ps.2,486,245,732.

As a result of the capital increase,
as of this date, ICA has 1,864,684,299 shares outstanding.

As a result of the capital increase, Inbursa
and its related parties hold approximately 24% of the Companys shares.

The proceeds from capital increase
will enable ICA to conclude its restructuring process, and help it take advantage of any
opportunities that the market may offer.

Founded in 1947, ICA has completed
construction and engineering projects in 21 countries. ICAs principal business units
include Civil Construction and Industrial Construction. Through its subsidiaries, ICA also
develops housing, manages airports and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of long-term contract rights.
www.ica.com.mx

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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: January 9, 2004

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