America Movil to spin off tower business on December 21

America Movil said that the trading in the shares of Telesites – its spun-off towers unit – will begin on December 21, 2015.

The announcement comes after the operator received regulatory approval of the registration of shares from National Securities and Banking Commission.

Telesites will be independent from America Movil after the listing. In April 2015, shareholders of America Movil approved the spinoff of as many as 11,000 mobile towers in the separate company. 

America Movil has received pressure from regulators in Mexico to reduce its dominance in the country’s telecoms industry. 

In October 2015, the operator reported its first quarterly loss in almost 14 years, posting a $170 million loss in the third quarter. 

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