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.
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