MEXICO CITY, Feb 10 (Reuters) - Mexican telecoms company
America Movil expects to spend $8 billion in capital
expenditures in 2021, company executives said on Wednesday.
The planned investment will include the purchase of 5G
frequencies, Chief Financial Officer Carlos Garcia Moreno told
analysts on a conference call following the company's
"For this year, we are around $8 billion, including what we
are going to buy on frequencies for 5G," Garcia Moreno said.
Officials from America Movil, controlled by the family of
Mexican billionaire Carlos Slim, said there could be 5G options
available in Mexico, its core market, before the end of the year
after an additional purchase of 50 megahertz (MHz) in 2020.
"We are in the process of reviewing the rules for those
frequencies ... What Daniel is telling me is that from October
2021, there are going to be options on 5G in Mexico," Garcia
Moreno said, referring to Chief Executive Officer Daniel Hajj.
America Movil's shares rose more than 3% early on Wednesday
after the company on Tuesday reported a surprise quarterly
profit, which was nearly 80% higher than a year ago, helped by a
favorable exchange rate. The shares later trimmed gains. The
company's sales dipped 3.1% from the same quarter a year ago.
Executives also said that 35,000 to 37,000
telecommunications towers in its Latin American and Caribbean
markets would be included in a spinoff entity it announced a day
The new unit will focus on the development, construction and
locations of the towers for mobile services, the company said.
(Reporting by Cassandra Garrison and Abraham Gonzalez in Mexico
Editing by Matthew Lewis)