America Movil subsidiary Claro Brasil will invest $7.8 billion in Brazil over the next three years to build mobile infrastructure.
Carlos Slim Domit, son of billionaire Mexican businessman Carlos Slim, said in a meeting on Wednesday with Brazilian president Jair Bolsonaro, complained about the rules for the first auction of 5G frequencies in Brazil, expected for the second half of 2020.
Jose Felix, chief executive of America Movil’s subsidiary Claro Brasil, and other group executives were also present at the meeting. Domit said the investment over the next three years refers to investment on the 4G network.
Slim Domit said America Movil plans to participate in the auction, though he criticized some of the rules the Brazilian telecom regulator Anatel has suggested for the bids. The final rules for the auction have not yet been defined.
Telefonica Brasil CEO Christian Gebara on July 24 said the company expects to participate in all spectrum auctions planned for next year, including the ones for 5G frequencies.
Telefonica Brasil reported its revenue rose 0.5 percent to 11.08 billion reais ($2.99 billion), while operational expenses declined 3.1 percent to 7.039 billion reais ($1.90 billion) in the fourth quarter.
Telefonica Brasil reported its net profit fell 2 percent to 1.5 billion reais ($404.55 million) in the fourth quarter, pressured by asset depreciation and stagnant revenues.
The Brazilian Senate in Sept 2019 approved a bill that will modernize Brazil’s telecom law and boost companies in the sector by lifting restrictions on asset sales.