Carlos Slim increases stake in América Móvil

Carlos Slim increases stake in América Móvil

Carlos Slim has reportedly increased his stake in family-owned carrier América Móvil.

Reuters reports that Slim, the world’s richest man, increased his stake in América Móvil to almost 31% in March through shares held in a family trust and by two of his companies. SEC filings, issued yesterday, suggest this figure has now further increased.

Slim has purchased 500 million shares since October in his flagship mobile company.

América Móvil’s share prices have fallen by almost 14% in 2013. Mexican competition watchdog Cofeco has expressed concerns over the dominant position of América Móvil's mobile unit Telcel in the Mexican market, which is said to be the reason for the share price decline.

In November, Telcel launched LTE services in nine Mexican cities.