“If the proposals to be presented to our shareholders are approved, all series “A”, “AA” and “L” shares that they hold would be converted into series “B” common shares at a conversion ratio 1:1″, explained the firm.
This reclassification does not affect the number of authorized and outstanding shares of América Móvil, rather it only implies that all shares are ordinary and have full voting rights in order to migrate to a “one share – one vote” capital structure.
The firm explained in a statement to the Mexican Stock Exchange (BMV) that, among other things, the proposal considers the preference expressed by various current and potential investors in relation to a “one share – one vote” capital structure, which that will be able to attract a broader base of investors who prefer this type of structure.
The proposal for the reclassification of titles, which implies a reform of the company’s bylaws, will be presented for approval at its shareholders’ meeting on December 20, 2022, reported América Móvil, the jewel in the crown of magnate Carlos Slim.
