Mexico's America Movil says Chile venture to be fully capitalized by end of 2024 (updated)
17/07/2024 17:01
(Adds comments on AI, quote in paragraph 5)
MEXICO CITY, July 17 (Reuters) - Mexican
telecommunications giant America Movil's AMXB.MX Chilean
venture ClaroVTR will be fully capitalized by the end of the
year, America Movil CFO Carlos Garcia Moreno said in an earnings
call on Wednesday.
In June, America Movil acquired a dominant stake in cable
and mobile phone operator ClaroVTR, which had been shared
equally with Liberty Latin America (LLA). America Movil will
transform the convertible notes it holds in ClaroVTR into shares
to obtain a controlling interest of around 91%.
Garcia made the comments a day after America Movil reported
a swing to a net loss in the second quarter of 1.09 billion
pesos ($60 million), citing the impact of the depreciation of
the peso.
Garcia added that the company, controlled by the family
of Mexican billionaire Carlos Slim, was working on ways to
integrate artificial intelligence (AI) into its business, but
that it would take time.
"There's going to be a lot of AI coming to be more
efficient, to know more about the customer, to reduce costs, to
save energy, to do a lot of things, and we're working on that
... but it's not something that you're going to see for
tomorrow," Garcia said.
(Reporting by Cassandra Garrison; Writing by Brendan O'Boyle)
((Brendan.OBoyle@thomsonreuters.com;))