The share listing for America Movil’s domestic tower business, Telesites, received approval from Mexico’s National Banking and Securities Commission, with trading set to kick off on 21 December.

In April, shareholders in America Movil approved a plan to sell-off tower assets in Mexico, with a “favourable vote of 98.2 per cent” supporting the move.

The operator has been under pressure from Mexican regulators to reduce its hold on the country’s telecoms sector and has talked about selling or spinning off a number of its domestic businesses.

The move will increase the number of towers in Mexico available to any operator to 90 per cent from 45 per cent.  Telesites was recently reported to be in talks with AT&T and Telefonica about accessing its towers infrastructure in Mexico.

Mexico has a number of independent towers companies, led by American Tower.

In October, CEO Daniel Haji told El Economista that America Movil is “not thinking of doing business with Telesites in the rest of Latin America yet, but may do so in the future”, giving a clue to future growth prospects.

The same month, the company experienced its first quarterly loss in 14 years caused by forex losses and tougher regulation in Mexico.