This Wednesday, Elektra outlined its withdrawal from the Mexican Stock Exchange (BMV), as it accused the stock market group of not “reflecting” the true value of the company’s shares and of not representing a “benefit” for shareholders.
“The market does not maximize the value of the entity both digitally and physically at a national and international level, and with the certainty that more than 95% of the shareholders have expressed their interest in privatizing the company,” said the company. company of Ricardo Salinas Pliego in a document.
He noted that the proposal will be discussed at the Ordinary and Extraordinary General Shareholders’ Meeting to be held on Friday. If approved, the company would go public after 30 years.
According to Grupo Salinas, the decision will allow it to reinforce its commitment to “inclusive prosperity” and social initiatives that characterize it.
“It is evident for our company that remaining as a public entity in a market that does not reflect its true value is counterproductive in its vision of future growth and development,” he highlighted.
The Mexican Stock Exchange would lose a station in a context of drought in terms of attracting companies.
Elektra also pointed out that the meeting will discuss the appointment of a new Board of Directors that has “the experience and capabilities” to reorganize the company strategically.
“At the end of 2024, the company has shown solid performance in its financial and commercial businesses and its operations remain normal,” he stated.
Elektra’s announcement comes a day after it reported that the National Banking and Securities Commission (CNBV) violated a precautionary measure issued by the Federal Court of Administrative Justice, which dictated that the regulator could not suspend the company’s operations in the stock market until his trial was concluded.
The precautionary measure, which was delivered by the Court’s Specialized Environmental and Regulatory Matters Chamber, responded to the administrative litigation filed with file number 4664/24-EAR-01-6.
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