The shareholders of telecommunications giant América Móvil decided to unify its shareholding series with a reclassification, the company said in a statement.
“The conversion is subject to various common corporate and regulatory authorizations for this type of operation,” the company said.
This conversion takes place in series “A”, “AA” and “L”, and will be unified into a single series “B”, so that all shares become ordinary and with full voting rights.
“Being effective, the conversion will be implemented at a ratio of 1:1,” i.e. one share, one vote.
Prior to this unification, only the shares of the “L” series did not have voting rights, a move that implies opening the participation of all these shareholders in the decision-making of the company of the Mexican billionaire, Carlos Slim.
Such reclassification to a single “B” series does not affect the number of authorized and outstanding shares of the giant América Móvil in force.
For their part, the shareholders also approved a reform to the bylaws aimed at implementing this conversion.
All these actions are taken as an attempt to attract a greater investment base towards the largest telecommunications company in Latin America.
In addition, the integration of a new board of directors and audit and corporate practices committee was approved, which were ratified.
Meanwhile, the cancellation of shares that América Móvil holds in treasury, acquired as part of its own share acquisition program (repurchase), was endorsed.
