Slim Says He's Focusing on Mining, Real Estate Businesses as Spinoffs Near
Billionaire Carlos Slim, the world’s richest man, told CNN’s Larry King he’s spending his time concentrating on his mining and real-estate businesses, which are set to become public companies next year through spinoffs.
“Ï am now focusing in real-estate developments, but mainly mining,” Slim said in an interview on “Larry King Live” which aired last night. “The other areas of financing and telecommunications, I follow what is happening, but I am not in the operations. I am not following the day-to-day things.”
Slim’s holding company Grupo Carso SAB plans to spin off its mining and real-estate units to begin trading separately on Mexico’s stock exchange on Jan. 3. Shareholders will get one share of each company for every share of Mexico City-based Grupo Carso, which also has retail and construction units.
About two-thirds of Slim’s $64 billion in public holdings comes from his stake in America Movil SAB, Latin America’s largest wireless carrier, according to data compiled by Bloomberg. Slim holds 79 percent of Grupo Carso shares, a stake worth $11.2 billion.
Through the first nine months of this year, the mining unit, to be called Minera Frisco SAB after the spinoff, had sales of 5.34 billion pesos ($433 million).
The real-estate division, to be called Inmuebles Carso SAB, is part of Grupo Carso’s commercial unit along with its retail properties. That unit had sales of 24.9 billion pesos in the first nine months of 2010.
In March, Forbes said Slim was the world’s richest person with an estimated worth of $53.5 billion.
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