Telesites' stock up since debut on Mexican market

Wednesday, December 23, 2015

Telesites, América Móvil's infrastructure rental company, has seen its stock rise strongly since it started trading on the Mexican stock market earlier this week.

Telesites debuted on Monday December 21 at 11.50 pesos per share, and on its first day reached a high of 13.38. Despite a drop on December 22, the shares bounced back to 12.85 pesos on Wednesday (Dec. 23).

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This is a positive development for América Móvil, which made the decision to divert part of its assets into a spin-off to enter the infrastructure market.

The spin-off firm is Mexico's largest tower rental company, controlling 10,800 towers and 43.2% of the market. American Tower, which has been the largest tower rental company until now, will be second with a 34.2% market share.

Telesites was meant to start working as a separate company in June, but it was delayed until December as it awaited approval from telecom watchdog IFT.