Carlos Slim, the world's richest man, has further increased his shareholdings in his phone company America Movil. This was confirmed through documents filed at the Securities and Exchange Commission.
With the new infusion, Slim's total interest in the telecommunications company has increased to 31% in March. These include shares held in a trust for family members as well as shares owned by two other companies he owns. Since October, Slim's and family owned share purchases totalled 500 million shares.
The share values of America Movil fell by as much as 14% in 2013 fueled by fears that the Mexican government's reforms to be implemented would result in more competition to the country's mobile and fixed line markets. These are the bread and butter markets of the telecommunications firm.
In previous filings dated October 2012, Slim held 13.7% shareholdings of American Movil's L shares, which increased to 14.4 in March 2013.
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