So far neither Carlos Slim Helú nor Grupo Carso nor Carso Infraestructura y Construcción (Cicsa) have commented on the accident on the L12 of the Metro on May 3 or on the expert opinions. They will wait for the final results for the month of August, although President Andrés Manuel López Obrador said that the businessman will not seek lawsuits and will participate in the reconstruction of the line that is under review.
He added that he has differences with Slim, but that “he does not play hard to beat with the legal and legitimately constituted authority, that is why I speak of it being institutional.” And it is true, the engineer learned this institutionality since 1973, when he was part of the negotiators of the new Securities Market Law that came into force a year later.
But Slim also knows that he has to give an explanation to the thousands of shareholders, including retirement funds, who trust him. Since the accident to date, GCarso share prices have recovered: on May 4 they closed at 58.83 pesos and registered a drop of up to 55.68 pesos on the 25th of that month; The recovery began and they reached 66.74 pesos to initiate a downward adjustment process. Yesterday they reached 62 pesos.
Certainly in the quarterly financial report for July, GCarso will address the issue with the promise of making it more extensive in August, once the three announced expert reports have been completed. Of course, it will be independent of what the President of the Republic indicates that, as Claudia Sheinbaum, CdMx’s head of government pointed out, it was agreed that he is responsible for the information.
In the securities markets, the transparency of information is of great importance; It is critical for investors to be aware of the risks they take outside of fraud and speculation. Carlos Slim knows that very well. The announcement by Gary Gensler, president of the Securities and Exchange Commission (SEC), to update “transparency regimes to better reflect current business models and practices”, and apply more measures on governance, strategy and management, is important. of risks related to climate change by securities issuers.
By the way, Claudia Sheinbaum should not waste the recognition of the Financial Times that CdMx is the best in Latin America to conduct business and investments. It obtained the first place with 353 investment projects and together with Sao Paulo it is the only one that appears in the list of 10 main cities with economic potential … SSA México, the largest port company in the country, mobilized in 2020 one million 490 thousand containers of 20 feet, 35 percent above the closest competitor in Manzanillo. It has 16 quay cranes and 50 yard cranes. _
J. Jesús Rangel M.