America Movil announced that shareholders have approved a plan of America Movil to spin off its towers business in Latin America.

In an extraordinary general meeting, they overwhelmingly approved the spin-off, which will create a new company called Sitio Latinoamerica, America Movil said in a statement to the Mexican stock exchange.

Sitio Latinoamerica will own 36,000 telecommunications towers in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Dominican Republic and Uruguay.

America Movil will contribute to Sitio Latinoamerica a portion of its share capital consisting mainly of shares it owns in subsidiary companies that own towers and other associated infrastructure.

The company previously said it expected to complete the reorganization this year.