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Mexico’s America Movil to Increase Share Buyback Fund by 26 Billion Pesos | Technology News



MEXICO CITY (Reuters) – Mexican telecoms giant America Movil said on Wednesday its shareholders approved a 26 billion peso ($1.3 billion) increase to its share buyback program fund.

The company, controlled by the family of billionaire Carlos Slim, said in a statement the fund’s balance for the period of April 2022 to April 2023 would be 36.6 billion pesos.

Company officials said last year that after a number of transactions, including the sale of its TracFone wireless unit to Verizon Communications Inc, the company aimed to expand its share buybacks.

($1 = 19.9891 Mexican pesos)

(Reporting by Cassandra Garrison; Editing by Chris Reese)

Copyright 2022 Thomson Reuters.

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