MEXICO CITY – The world's richest man, Mexico's Carlos Slim, has increased his stake in his flagship phone company, America Movil, according to a filing with the Securities and Exchange Commission on Wednesday.
Slim's total interest in America Movil increased to almost 31 percent in March, including shares held through a trust for the family as well as other shares held by two of his other companies, according to Reuters' calculations.
Slim and his family and businesses have acquired about 500 million shares since October, according to filings.
America Movil's shares have fallen almost 14 percent this year on worries about telecom reform proposed by Mexico's government that is designed to introduce more competition to the mobile and fixed-line markets dominated by Slim's company.
Slim, his family trust and companies have been buying shares since October, the filings show.
In October, Slim held about 13.7 percent of America Movil's L shares. That holding increased to 14.4 percent in March, according to the filing dated March 21 and published on Wednesday.
(Reporting by Elinor Comlay; editing by Andrew Hay)