Mexican retailer Grupo Elektra, owned by billionaire Ricardo Salinas Pliego, has decided to go private due to ongoing regulatory challenges and a prolonged trading halt of its stock.
The company has scheduled a shareholder meeting for December 27 to vote on the proposal to delist its shares. Elektra believes that the current market undervalues the company and has received significant support from shareholders for the privatization move.
This decision aims to address the complexities of its trading status and enhance shareholder value.