America Movil, Mexico to increase share buyback program fund by $1.3 billion

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.

Shareholders also approved a dividend of 0.44 pesos per share, payable in one installment on Aug. 29, 2022, to each of the shares of its capital stock series AA, A and L, the statement said.

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.

Last year, America Movil also increased the balance of its buyback fund by 26 billion pesos for the period of April 2021 to April 2022. US News