Statement from América Móvil.
“América Móvil informs to the market”
Mexico City, May 7, 2021. América Móvil, S.A.B. de C.V. (“AMX”) [BMV: AMX] [NYSE: AMX | AMOV], informs that today a Tribunal from the International Center for Settlement of Investment Disputes (“ICSID”) issued an award in the arbitration proceeding initiated in August 2016 against the Republic of Colombia (“Colombia”) pursuant to the Free Trade Agreement between Mexico and Colombia (“FTA”).
The ICSID Tribunal held that certain measures adopted by Colombia in relation with the concessions terminated in 2013 by Comunicación Celular, S.A. (“COMCEL”), subsidiary of AMX, did not represent an expropriation of AMX’s investments in COMCEL in violation of the FTA, and ordered AMX to pay approximately U$2.2 million corresponding to costs of the arbitration proceeding.
AMX is currently analyzing the available legal actions against the award, including the potential request of its annulment before the U.S. District Court of the District of Columbia (seat of the arbitration).
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