Telmex Sets Aside Buyback Funds

Telmex is setting aside about MXP10.3bn in cash to buy back shares this year. A company spokesman says this does not necessarily mean the company will spend all the funds on repurchases. Some MXP341m of the amount set aside this year are funds that were not spent on last year’s buyback program, Telmex says. The spokesman adds that the buybacks will be done over time, depending on market conditions and the volume of shares being traded. “For example, if we see that there is a low trading volume, we wouldn’t buyback shares that day,” he adds. Last year, the company spent some MXP12.9bn on taking out L, A and AA shares, the spokesman says.