America Movil to increase funds for share buybacks in 2015

Carlos Slim’s America Movil said this week that it plans to increase the amount of money in its share buyback fund for this year to 35 billion pesos ($2.28 billion), Reuters reports.

This is up from 30 billion pesos last year, and the Latin American giant has also allegedly proposed an ordinary dividend of 0.26 pesos per share, and an extraordinary dividend of 0.30 pesos per share.

The increase in the share buyback fund and the dividends are said to be subject to shareholder approval at a meeting due by April 30 2015.

Last October, America Movil reported a drop of just under 40% in net profit for Q3 2014 compared to the same period in 2013.