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Grupo Elektra, a major Mexican appliance retailer, faced a significant crisis as its shares, halted in July, resumed trading at a 50% lower value. This situation arose after a regulatory tug-of-war, with the securities regulator overriding a court order sought by billionaire Ricardo Salinas Pliego, the company's controlling shareholder.
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.
Billionaire Ricardo Salinas Pliego, Mexico's third-richest person, faces a peculiar financial crisis marked by a trading halt on his stock. Known for his history of conflicts with partners, investors, and regulators, this situation adds another layer of complexity to his controversial career.
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.
Ricardo Salinas Pliego
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