AT&T Sells Shares in America Movil

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Last Wednesday, AT&T Inc. sold 7% of its holdings in America Movil, a Latin American telecommunication firm. The report was according to the filing made by AT&T to the US regulators on the same day.

AT&T stated that the sales reduced its ownership in said company to a historical gauge of 9%. Billionaire Carlos Slim controls the Mexican company, America Movil.

According to US analyst Walter Piecyk, the sale will not signal any change to the relationship between AT&T and America Movil. Currently, AT&T holds two executive seats on the board of America Movil.

America Movil spokesperson declined to give comments regarding stock sales.

The shares of the company have fallen to 3.8% since May 7 after AT&T began selling the firm's shares. Overall, the stock fell by 15.6% since the beginning of the year. This was due to the impact brought about the telecom reform in Mexico. This year, the company has been aggressive to buy back shares.

Tags
At&t, America Movil, Shares

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