América Móvil spins off telecommunications towers to Sitios Latinoamérica
Via América Móvil
Aug 9, 2022
Mexico City – América Móvil, S.A.B. de C.V. ("AMX") [BMV: AMX] [NYSE: AMX | AMOV], informs that all conditions and implementation steps required to spin-off its telecommunications towers and other associated infrastructure in certain Latin America countries have been completed. Therefore, AMX’s spin-off approved by its shareholders during 2021 has become effective today, and certain assets, liabilities and capital have been transferred to a new company named Sitios Latinoamérica, S.A.B. de C.V. (“Sitios Latam”).
Sitios Latam is a Mexican company, independent from AMX’s management and capital structure. Its business focuses on the construction, operation and marketing of towers and other structures for the installation of telecommunications equipment. Its towers will be available for access and use by all wireless telecommunication service operators in the following Latin American countries: Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panamá, Paraguay, Puerto Rico and Uruguay. In addition, as of today, Sitios Latam has started the construction of towers in Peru. Sitios Latam has an inventory of 29,090, on an aggregate basis, 39% of which are in Brazil. Sitios Latam will continue to evaluate growth opportunities in the region.
Sitios Latam capital stock is represented by a single series of shares with full voting rights. Its shares will only be registered in the National Securities Registry (“RNV”) of the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or “CNBV”) and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V. or “BMV”) for trading in Mexico, without an underwritten public offering. Before the distribution of Sitios Latam shares, there will be a consolidation in the number of shares (inverse split) at a 1:20 ratio. Therefore, AMX’s shareholders will receive one (1) share of Sitios Latam for every twenty (20) shares of AMX.
As provided under applicable Mexican securities regulations issued by the CNBV1 , upon receiving CNBV’s and BMV’s required approvals for the registration and listing of Sitios Latam shares (which are in process), AMX and Sitios Latam will publish an information statement containing relevant information related to Sitios Latam (including certain financial information) and the distribution process of its shares to AMX’s shareholders.
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