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America Movil approves $3.24 billion boost to share repurchase fund

MEXICO CITY (Reuters) - Mexican tycoon Carlos Slim's telecom giant, America Movil, said on Tuesday it has approved an additional 40 billion pesos ($3.24 billion) to strengthen the fund it uses to repurchase shares.

The repurchase plan, originally announced by the company on March 19, was approved by the company's shareholder assembly on Monday, America Movil said in a statement to the Mexican stock exchange.

Latin America's biggest phone company also approved a dividend payment of 0.22 pesos per share for its "AA," "A," and "L" series shares, according to the statement.

The announcements come as Mexico's Congress approaches a final vote on a sweeping reform of the telecom sector introduced last month that aims to spur foreign investment and boost competition.

The reform would give regulators the power to force companies to sell assets if they have more than 50 percent of the market. ($1 = 12.3399 Mexican pesos)

(Reporting by David Alire Garcia; Editing by Simon Gardner and Andrea Ricci)

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