Tycoon Slim's America Movil plans cut in funds for share buybacks in 2014

MEXICO CITY Tue Mar 18, 2014 8:54pm EDT

Mexican billionaire Carlos Slim walks on stage for an event of the Fundacion Telmex Mexico Siglo XXI (Telmex Foundation Mexico XXI Century) in Mexico City September 12, 2013. REUTERS/Bernardo Montoya

Mexican billionaire Carlos Slim walks on stage for an event of the Fundacion Telmex Mexico Siglo XXI (Telmex Foundation Mexico XXI Century) in Mexico City September 12, 2013.

Credit: Reuters/Bernardo Montoya

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MEXICO CITY (Reuters) - Mexican tycoon Carlos Slim's telecom giant, America Movil (AMXL.MX) aims to cut the fund it uses to buy back shares by 25 percent this year compared with 2013, the company said in a statement to the Mexican stock exchange on Tuesday.

America Movil, Latin America's largest phone company, said it will ask shareholders to approve before the end of April a proposal for 30 billion pesos ($2.28 billion) to fund repurchases, down from the 40 billion pesos approved last year.

The company will also propose a dividend payment of 0.24 Mexican cents per share.

America Movil shares hit a near four-year low in March last year due to concerns about the impact of new regulations in Mexico designed to promote competition. Slim, Latin America's richest man, controls some 70 percent of Mexico's mobile market and 80 percent of its fixed phone lines.

($1 = 13.1665 Mexican Pesos)

(Reporting by Tomas Sarmiento; Editing by Kenneth Maxwell)

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