Mexican phone giant delists from foreign exchanges
December 21st, 2011 - 11:44 am ICT by IANSMexico City, Dec 21 (IANS/EFE) Telefonos de Mexico SAB, the country’s dominant fixed-line telephone company, announced it is delisting its shares from foreign stock exchanges, including the New York Stock Exchange and Madrid’s Latibex.
The move, which was approved by shareholders, also ends the firm’s American depositary receipts programme but does not affect the company’s Mexican stock market listing, Telmex said in a regulatory filing.
The principal aim of the change is to reap financial-reporting and administrative efficiencies in the wake of a recent buyout offer that left parent company America Movil SAB in control of 93 percent of Telmex, the firm said.
Telmex said it remains a registered company in the US and will continue to meet its obligations under US securities law.
With more than 241 million subscribers, America Movil is Latin America’s largest cellphone company. Its bid to gain full control of Telmex is part of Carlos Slim’s plan to consolidate his telecom interests.
Forbes magazine ranks the Mexican billionaire as the world’s richest person.
–IANS/EFE
rd
- Carlos Slim's firm to acquire US company - May 11, 2012
- World's richest man to invest $1.5 bn in Argentina - Apr 17, 2011
- Mexican telecom giant to invest $5.4 bn in Brazil - Dec 28, 2011
- Spanish firm files for delisting from New York Stock Exchange - Feb 24, 2011
- Bill Gates buys stake in Mexican company - Mar 18, 2011
- Mexico's Carlos Slim tops Forbes' richest list - Mar 08, 2012
- Mexican billionaire Slim invests in Colombian oil industry - Feb 24, 2011
- iGate proposes to de-list Patni Computer Systems - Nov 16, 2011
- Mahindra Satyam Fails To Meet The NYSE Deadline - Sep 29, 2010
- Mahindra Satyam ADRs start trading over-the-counter - Oct 14, 2010
- Cell phone service restored after outage in Argentina (Lead) - Apr 03, 2012
- Mexican billionaire Slim buys stake in The New York Times - Sep 12, 2008
- China's trade with Latin America grew in 2011 - Apr 18, 2012
- Meet the world's richest man who aims for a simple life - Jul 18, 2010
- Mexico's 2011 growth outlook improves - Dec 02, 2011
Tags: administrative efficiencies, america movil, american depositary receipts, carlos slim, delisting, forbes magazine, foreign exchanges, foreign stock exchanges, line telephone, mexican billionaire, mexican stock market, million subscribers, new york stock, new york stock exchange, phone giant, principal aim, richest person, telefonos de mexico, telmex, york stock exchange