America Movil plans to buy back share

www.WirelessFederation.com/news: In a move to carry out Latin America’s largest acquisition, telecom operator, America Movil SAB has planned to pay a one-time dividend and buy back more of its stock, thus rewarding investors. The proposal for a payout of 32 centavos a share to shareholders by April 30 has been submitted by the board of the company.

50 billion pesos ($3.96 billion) would be added to the share buyback fund by the plan, which had 7.15 billion pesos remaining as of yesterday.

A debt has been issued by America Movil, to prepare for the cash and stock purchase of Slim’s Telmex Internacional SAB to add home-phone, Internet and TV service in Latin America. The two deals are valued at more than $20 billion. 14.9 billion pesos of bonds was sold by the largest wireless carrier in the region last week in the biggest corporate debt issue in Mexican history.

200 million Swiss francs ($186 million) of five-year bonds is also planned to be sold by the company while 50.4 billion pesos for dividends and buybacks in 2009 has also been paid by the company.