América Móvil mid-way though $50 billion investment plan

América Móvil mid-way though $50 billion investment plan

América Móvil has confirmed it is half way through a $50 billion Latin America investment plan spanning five years.

The company’s CFO Carlos Garcia Moreno recent presentation in Peru generated confusion in the market after local news agencies reported the company had only just begun its investment plan.

The company has since confirmed the sum was correct, and a spokeswoman addressed the planned course of the investment.

"It's a process of five years and we're about halfway through it," she said.

Carlos Slim, who has reportedly increased his stake in América Móvil to almost 31% in March, said the company planned to invest a yearly sum of $10 billion in Latin America in late 2011.

Slim earmarked boosting telecommunications infrastructure and mobile technologies as key within the investment strategy.

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