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Grupo Elektra, owned by billionaire Ricardo Salinas Pliego, is initiating a process to take the company private amid regulatory challenges related to a trading halt. A shareholder meeting is scheduled for December 27 to vote on delisting shares, with over 95% of shareholders supporting the move, citing that the market does not reflect the company's true value.
Trading in Grupo Elektra shares is set to resume after a suspension imposed by Bolsa Mexicana de Valores was lifted. The ban followed accusations of stock fraud by billionaire owner Ricardo Salinas Pliego against a creditor. Initial offers saw a nearly 60% drop before the suspension was reimposed.
Nueva Elektra del Milenio, the retail arm of Mexican billionaire Ricardo Salinas’ Grupo Elektra, has successfully raised $350 million through the sale of dollar-denominated remittance bonds. The notes, due in October 2031, were issued at a yield of 12.5%, aimed at refinancing existing notes that were at risk of a rating downgrade, which could have triggered early repayments.
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