By Anthony Harrup
MEXICO CITY - Shares of Sitios Latinoamérica SAB, the communications towers company spun off by América Móvil SAB, fell in its first day of trading on the Mexican stock exchange.
Sitios Latinoamérica shares priced at 16.51 Mexican pesos ($0.82) in a pre-market auction, and were down 30% at 11.60 pesos mid-morning. América Móvil shares priced at 17.45 pesos in the auction and were up 1.7% at 17.74 pesos.
Sitios Latinoamérica operates around 30,000 communications towers in 13 Latin American countries, with about 39% of them in Brazil. América Móvil spun off its Mexican towers in 2015.
Shareholders received one Sitios Latinoamérica share for each 20 América Móvil shares held.
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(END) Dow Jones Newswires