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Slim's Grupo Carso to Form 3 New Drilling Companies in Spin Off

Source: www.gulfoilandgas.com 10/14/2014, Location: South America

Mexico's Grupo Carso, the conglomerate controlled by billionaire Carlos Slim, is to spin off around $571 million of assets to form three separate drilling companies, according to advisories posted in the official government gazette.

Shareholders in Operadora Cicsa, Carso Infraestructura y Construccion and Grupo Condumex, all subsidiaries of Grupo Carso , voted to spin off assets, liabilities and equity into three separate companies, the advisories said. While the advisories do not specify what kind of drilling the companies will do, the announcement comes as Mexico opens its ailing oil and gas industries as part of an economic reform drive.

The decision, taken on Oct. 2 and 3, will mean the transfer of around 7.67 billion pesos ($570.61 million) worth of assets. It will become effective on Nov. 30, subject to certain conditions. The advisories are signed by Alejandro Archundia, the board secretary for each of the subsidiaries. A spokesman for Grupo Carso was not immediately available to comment on the advisories.

Many of Slim's ventures began as part of Grupo Carso, including his mining company Minera Frisco and real estate firm Inmuebles Carso. Slim also purchased his original stake in former state telecoms operator Telmex, now the fixed-line unit of America Movil, via Carso.



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