UPDATE 1-America Movil to propose Mexico asset spinoff to shareholders
(Adds market reaction, background)
MEXICO CITY, April 1 (Reuters) - Mexican billionaire Carlos Slim's America Movil will propose a spinoff of assets relating to its mobile phone business in Mexico to shareholders at a meeting April 17, the company said in a statement on Wednesday.
Executives said in February a spinoff of cellphone towers in Mexico into a new company was at an advanced stage and should be up and running by May or June of this year.
Last year, Slim said he would look to sell assets that would remove the burden of new regulations designed to curb his dominance of the local phone and data markets.
Shares in America Movil were up 0.5 percent at 15.75 pesos, after jumping more than 2 percent to a two-week high at the open of trading in Mexico. (Reporting by Veronica Sparrowe and Michael O'Boyle; Editing by Bernadette Baum)
© Thomson Reuters 2016 All rights reserved.