America Movil to propose towers spinoff to shareholders

MEXICO CITY: A planned proposal by Mexican telecoms giant America Movil, controlled by the family of billionaire Carlos Slim, to spin off some assets into a new company has to do with its Latin American towers, a spokesman for the company said on Friday.

The spin-off to create a new public company will be proposed to shareholders in an extraordinary meeting on Sept. 29, a filing with Mexico’s stock exchange on Friday showed.

America Movil’s board of directors approved in February the asset reorganization plan for its regional towers https://www.reuters.com/article/us-america-movil-results-idUSKBN2A92YN, creating a spin-off entity focused on the development, construction and locations of the towers for mobile services, the company said.