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[December 08, 2012]
Telmex authorized to delist from Mexican Stock Exchange
(EFE Ingles Via Acquire Media NewsEdge) Mexico City, Dec 8 (EFE).- Telecommunications giant America Movil, controlled by Mexican magnate Carlos Slim, said fixed-line unit Telmex has received authorization from regulators to delist from the Mexican Stock Exchange.
The Mexico City-based company said in a filing with the stock exchange that Telmex had received the necessary authorization from the CNBV financial regulatory agency.
Telmex's shareholders voted earlier this year to remove the company's shares from the Mexican Stock Exchange, a move that followed America Movil's acquisition of a controlling stake in its former parent in 2010.
Telmex also recently delisted from the New York Stock Exchange and the NASDAQ, as well as from Spain's Latibex, and ended its American depositary receipts program.
Slim had explained early this year that the purpose of delisting Telmex was to obtain efficiencies in financial reporting and administrative costs following the completion of America Movil's tender offer for Telmex's shares.
America Movil - Latin America's largest cellular provider - was once the wireless arm of Telmex, but it was spun off in 2000 and rapidly grew larger than its former parent.
America Movil had approximately 256 million subscribers and some 62.8 million fixed revenue generating units in the Americas as of Sept. 30, 2012.
The company has operations in Argentina, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, the United States and Uruguay. EFE msc/mc (c) 2012 EFE News Services (U.S.) Inc.
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