The Mexican multinational América Movil (owner of Claro) completed the spin-off process and the IPO of its tower company telecommunicationscalled Sítios Latinoamérica.
Today, however, the new company debuted on the Mexican Stock Exchange (BMV) with a significant drop. The stock started at 16.51 MXN and closed at 10.21 MXN, down 38%.
América Movil decided to separate the towers in a separate business, so that its telephone operators and Internet mobile will continue as the main users of this infrastructure passive – in a process that was completed this month.
Sítios Latinoamérica was born with 29,090 towers spread across 14 countries, including: Argentina, Brazil, ChileCosta Rica, EcuadorEl Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, PeruPuerto Rico and Uruguay.
The assets were valued at around R$25 billion on its balance sheet (93.5 billion Mexican pesos).
Brazil is the main market for the company. Here are 11,233 towers, equivalent to 38.6% of the total, under a 10-year contract.
Claro Brasil is also its main customer, accounting for 46% of revenues.
Argentina appears in second place in number of towers, with 4,097 (14% of the total) and 11% of revenues.
Then comes Guatemala, with 3,020 towers (10% of the total) and 16% of revenues; followed by Chile, with 2,509 towers (9%) and 11% of revenues.
The information is contained in the 6-K form sent by the group to Securities and Exchange Commission (SEC)the United States Securities and Exchange Commission.
“Sitios seeks to have the best locations, increase the number of tenants, increase the number of towers and have the greatest efficiency in its operations to generate value. These incentives are in line with those of telecom operators because they will be able to deploy new technologies, have continuity in coverage and expand their wireless network more quickly”, describes the company in the document.
The group believes that the tower market in Latin America is in the early stages of evolution, and assesses that the company is well positioned to grow.
Its growth plan assesses opportunities to expand infrastructure both in countries where it is already present and in others.
Over the course of this year, it plans to build approximately 900 new towers in aggregate in the markets where it already operates.
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Source: Moneytimes
I am a journalist with over 6 years of experience working in the news industry. I currently work as an author for Global Happenings, and my coverage focuses on Technology news. I have written for various publications, including Reuters, The New York Times and The Guardian.
