Wednesday, October 20, 2021

America Movil says shareholders approve plan for spin-off of regional towers

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Stock Markets11 minutes ago (Sep 29, 2021 08:01PM ET)

(C) Reuters. FILE PHOTO: The logo of America Movil is pictured on the wall of a reception area in the company’s corporate offices in Mexico City, Mexico, May 18, 2017. REUTERS/Edgard Garrido/File Photo

MEXICO CITY (Reuters) -A plan by Mexican telecoms company America Movil (NYSE:AMX) to spin off some of its towers in Latin America was approved by shareholders on Wednesday, the firm said in a filing with the Mexican stock exchange.

In an extraordinary meeting, shareholders overwhelmingly approved the spin-off which will include about 36,000 telecommunications towers in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Dominican Republic and Uruguay, the filing said.

America Movil, controlled by the family of Mexican billionaire Carlos Slim, said the spinoff will be a newly created company called Sitio Latinoamerica.

The company previously said it expected to complete the reorganization this year.

America Movil says shareholders approve plan for spin-off of regional towers

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