America Movil seeks to boost share repurchase firepower

MEXICO CITY, March 19 Tue Mar 19, 2013 8:19pm EDT

MEXICO CITY, March 19 (Reuters) - Mexican tycoon Carlos Slim's telecom giant America Movil aims to boost by 40 billion pesos ($3.21 billion) the fund it uses to repurchase shares, the company said in a statement to the Mexican stock exchange on Tuesday.

The announcement came more than a week after Mexico announced a sweeping reform of the sector aimed at boosting competition that has hit the company's share price.