In a recent announcement made by Carlos Slim, the person by whom the America’s biggest phone company America Movil SAB de CV (ADR) (NYSE:AMX) is being controlled, he disclosed that he has managed to raise the stakes to 34.3%. The Inmobiliaria Carso belonging to Carlos Slim bought shares which are worth $248 million. He also purchased another Slim owned company known as GFI which is worth $9.5 million shares.
America Movil SAB de CV which is known as the Latin America’s biggest phone company, managed to price the equivalent of $2.8 billion of the hybrid notes as the credit risk of the company fell to the lowest in only a week’s time. This happened during the period of global economic recovery which is gaining a lot of momentum.
Carlos Slim sold around 1.45 billion Euros of notes belonging to the company in two parts and also 550 million Pounds of bonds belonging to the phone company. According to the Markit iTraxx Europe index, the credit default swaps of around 125 companies with the investment grade ratings has dropped from 3.8 basis points to 103.4 basis points.
In the month of April, Carlos Slim had 30.8% stake in the company which was only 29.5% in the last year. This disclosure or announcement made by Carlos Slim came immediately after America Movil SAB de CV announced their quarter three reports. According to the quarter three reports or results, the company gave a declining performance of -8.11%. In the last six months of trading session, the company experienced a drop of -0.05%.
America Movil SAB de CV is a telecommunications company which provides its services in the United States of America, Latin America and also the Caribbean. It offers fixed and mobile voice services including long distance services.