Carlos Slim’s America Movil Looks to Invest $8.5 Billion in Latin America This Year

By Jamie Lang

LOS ANGELES (Variety.com) – América Móvil general director Daniel Hajj has announced that Carlos Slim’s Mexican conglomerate plans to invest $8.5 billion in Latin American in 2019, focusing primarily on fiber-optic infrastructure and updated mobile technologies such as 4.5G and 5gG.

In a conference call with analysts, following the company’s recap of fourth quarter results, Hajj laid out the company’s intentions, while also stating that the company is planning to provide triple-play services in Mexico.

During the fourth quarter of 2018, América Móvil recorded a net profit of $492.4 million, reversing losses of $546.4 million over that same period in 2017, according to the company’s financial and operating report.

In that time almost 200,000 subscribers were added in Mexico. In total, its subscriber base increased by 7.2% from the previous year.

Last December, Gabriel Contreras, president of the Mexico’s Federal Telecommunications Institute (IFT), indicated that a subsidiary of América Móvil had applied for a license to provide pay TV services. Given its dominate position in the telco sector, America Movil itself is forbidden from providing pay TV directly.

According to Hajj, the company’s experience in other Latin American countries is cause for confidence. Once permission to broadcast pay TV is granted, “We can do it [offer triple play] quickly… We have experience in other countries in addition to commercial agreements for content.”

Last month América Móvil announced it had acquired 100% of Guatemala’s Telefónica subsidiary, and reached an agreement to buy 99.3% of El Salvador’s subsidiary as well.