MEXICO CITY: A planned proposal by Mexican telecoms giant America Movil, controlled by the family of billionaire Carlos Slim, to spin off some assets into a new company has to do with its Latin American towers, a spokesman for the company said on Friday.

The spin-off to create a new public company will be proposed to shareholders in an extraordinary meeting on Sept. 29, a filing with Mexico‘s stock exchange on Friday showed.

America Movil’s board of directors approved in February the asset reorganization plan for its regional towers https://www.reuters.com/article/us-america-movil-results-idUSKBN2A92YN, creating a spin-off entity focused on the development, construction and locations of the towers for mobile services, the company said.

The company has between 35,000 and 37,000 towers in the region. America Movil previously said it expected to complete the reorganization this year.