America Movil (AM) has announced that the trading of shares in its spun-off tower unit Telesites will begin on 21 December, after the process cleared the final regulatory hurdle this week. On 2 December the National Securities and Banking Commission (Comision Nacional Bancaria y de Valores) authorised the registration of the shares representing the capital stock of Telesites with the National Securities Registry (Registro Nacional de Valores).
As previously reported by TeleGeography’s CommsUpdate, in April this year AM announced that 98.2% of its shareholders voted in favour of the spin-off plan, which represents part of a restructuring programme that the company devised last year in response to strict regulations designed to curb its local market dominance. AM’s domestic cellular unit Telcel presides over country’s single largest wireless network, which encompasses around 10,800 towers. As such, the spin-off created Latin America’s second largest wholesale supplier of tower space, after American Tower Corp, Bloomberg claimed at the time.