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America Movil Plans $3 Billion Expenditure in 2009

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Latin American telecoms giant, America Movil has an investment plan for 2009 which will cost at least USD3 billion controlling shareholder Carlos Slim told journalists at a conference on stock markets in Mexico City on Monday. That is actually down on the USD4 billion the company had earmarked for 2008 though.

The share price in America Movil, Latin America's biggest cell phone operator, jumped 10.53 percent to 20.99 pesos while its shares in New York gained 11.17 percent to $31.24 on the news.

Speaking earlier this year, Daniel Hajj, the company's chief executive said he expects capex to total about $12 billion between 2008 and 2010.

According to the company, it has over173 million customers across the region.

Telefonos de Mexico (Telmex), the Mexican landline operator which is also controlled by Carlos Slim is expected to spend around USD950 million in 2009, although this could rise if the firm is granted a license to offer triple-play services.

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Tags: capex  america movil  landline  new york  carlos slim  cell phone  Mexico