America Movil injects CLP$710 million into Chilean unit VTR
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America Movil is reportedly set to inject CLP$710 million (US$710 million) into its Chilean subsidiary, Vía Trans Radio Comunicaciones SpA (VTR), to strengthen the unit and support its operations in the country.
VTR issued 20.7 million new shares, which were acquired by America Movil - the company controlled by Mexican billionaire Carlos Slim. The move follows America Movil’s buyout of Liberty Latin America’s stake in their joint venture, ClaroVTR, last year.
Speaking to BNamericas, America Movil’s chief financial officer, Carlos Garcia Moreno, said: “We’ve worked very hard in Chile, taking advantage of all the synergies and then acquiring Liberty’s shares. I think we’re happy to be gaining many new subscribers, revenue is growing, and we’re being very careful with costs and expenses - hence the increase in EBITDA we’ve seen. We’re in a very good place right now in Chile.”
America Movil expects capital expenditures of around US$260 million in Chile this year, following the full consolidation of ClaroVTR.
