Grupo TMM plans to sell most of its stake in TMM Division Maritima in a spin-off move to take the subsidiary's debt off of its ledger and improve its debt profile.

If approved by shareholders later this month, the Mexico City-listed company will either sell or subscribe 42.5 million shares, or 85% of its interest, to investors.

Jose Serrano-led Grupo TMM will keep a remaining 7.5