March 20, 2013 / 12:20 AM / 5 years ago

America Movil seeks to boost share repurchase firepower

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.

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