El Economista reported a tower company created by America Movil last month had sought a listing on Mexico’s stock exchange, targeting a direct registration of its shares rather than an IPO.

Documents sent to Mexico’s BMV reportedly targeted the commencement of trading in shares of Sitios Latinoamerica on 27 September. It aims to list 3,189,400,000 shares and the initial value of the offering is MXN1.8 million ($89,972).

In addition, America Movil shareholders are being offered one share in the new company for every 20 they hold in the operator group.

America Movil completed a spin off of the unit after moving towers and related assets across several Latin American countries into Sitios Latinoamerica.

The move was announced in 2021 and covers towers and related infrastructure in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Puerto Rico and Uruguay.

America Movil’s move mirrors a global trend of operators offloading their tower assets as they seek to maximise their value.