Mexican giant America Movil has reportedly agreed to spin off its fully-owned subsidiary Sercotel, which operates as a holding company for telecoms-related investments. Sercotel shareholders agreed to the separation at a meeting on 7 January, according…
Mexican giant America Movil has reportedly agreed to spin off its fully-owned subsidiary Sercotel, which operates as a holding company for telecoms-related investments.
Sercotel shareholders agreed to the separation at a meeting on 7 January, according to a Reuters report citing an announcement in Mexico City’s daily gazette.
The new entity will control Ps30.43bn (US$2.08bn) worth of assets, the report said.
America Movil did not respond to a request for comment.
Meanwhile, the company’s fixed-line subsidiary, Telmex, was recently fined Ps14.4m (US$985,000) by the Mexican telecoms regulator for not disclosing an agreement with satellite TV operator Dish Mexico, which, according to the watchdog, amounted to a merger.
Dish Mexico was fined Ps43m (US$2.95m).
America Movil said in a statement that Telmex and Dish only had a commercial partnership, and warned that both parties will take legal action to challenge the regulator’s resolution.
The Mexican incumbent, which controls 70% of the country’s mobile market and 80% of the fixed-line segment, is looking to sell a number of assets to reduce its market share to less than 50%, in order to comply with the country’s new telecoms regulations.
