Slim Spinoffs Mixed in Debut

Miner Minera Frisco shot up 20.9% Thursday, while real-estate firm Inmuebles Carso lost 19.7%, each in their first session after being spun off from Carlos Slim holdco Grupo Carso. With investors receiving a share in each new company for each Carso share they hold Thursday, Inmuebles closed at MXP11.27 after opening at MXP13.43, and Frisco closed at MXP38.07 after opening at MXP30.14. Initial prices were determined before the market opened Thursday, with Carso starting at MXP34.44 following the split and closing at MXP34.16 Thursday. Carso shares had gained 61.3% in the period from the August 24 announcement of the intent to spin off through Wednesday, reaching MXP78.36. Inmuebles, led by CEO Gerardo Kuri, buys, sells and develops buildings. It had net assets of MXP22.8bn as of the first half of 2010, Carso says. Frisco, with CEO Justo Wong, mines silver, lead, zinc and copper, and had MXP3.77bn in assets in the first half of 2010. No new funds were raised.