Sitios Latinoamerica (LASITEB1.MX), the tower portfolio spun off from telecom carrier América Móvil as a separate company, opened trading on the Mexican stock market last week and experienced a 30 percent drop in shares upon its debut, according to Reuters.
With an inventory of 29,090 towers, Sitios Latinoamerica filed to be listed on Mexico’s main stock index with 3.19 billion shares.The company was established in August of 2022.
Decline in the shares, according to analysts, reflected recent market volatility and a too-high debut share price of 16.51 pesos ($0.82). “It did not adequately incorporate the market’s opinions on the new spin-off company,” a broker and analyst with Vector, Gerardo Cevallos, told Reuters.
Reader Interactions