Grupo Elektra will leave the BMV, shareholders decide

The shareholders’ meeting of Grupo Elektra, a firm owned by businessman Ricardo Salinas Pliego, approved the company’s departure from the Mexican Stock Exchange (BMV) and created a new board of directors.

Through a statement, the financial services company, specialized trade and the largest provider of short-term non-bank loans in the United States, indicated that with this decision it will no longer be public, that is, after just over three decades It will not trade its shares on the stock market, so they will no longer be available to the investing public and will be owned by a small group of shareholders.

With this determination, the aim is to “reorganize and strengthen the company based on its extensive and diverse assets – digital and physical, national and international – and find financial tools that allow it to maximize its real value,” he said.

The determination to cancel the registration of the shares representing the company’s capital stock with the National Securities Registry was made in an ordinary and extraordinary general meeting of shareholders.

Along with this decision, the shareholders appointed a new board of directors, which will have the responsibility of defining the strategy and reorganization of the company in this new stage to transversally strengthen all the digital, financial and international capabilities of Grupo Elektra.

The company reported that Salinas Pliego will be honorary president of the new board of directors, while Pedro Padilla Longoria will be the new president and Gabriel Alfonso Roqueñi Rello will be director and general director.

The related directors will be Alvaro Alberto Calderón Jiménez, who will also be Director of Finance, and Luis Jorge Echarte Fernández; The independent directors will be Ricardo H. Phillips Greene, Miguel Irurita and Jorge Gastelum.

In addition, three auxiliary committees will be formed: audit, corporate practices and integrity.

The decision was anticipated on November 27, since on that date it was indicated that more than 95 percent of the shareholders were inclined to privatize the firm, that is, delist from the BMV.

The statement assures that due to This reorganization and with a clear mandate to the directors to dedicate their experience and ability to enhance the capabilities of Grupo Elektra, the future of its companies will be even more successful and prosperous for everyone, clients, shareholders and collaborators..

The firm has 221 million 701 thousand 868 shares in circulation, which until this Friday represented a market value of 79 thousand 590 million 970 thousand 617 pesos, according to data from the BMV. The price per share was quoted yesterday at 359 pesos, a figure that showed an increase of 6.61 percent compared to the previous day.

On December 2, Elektra resumed its listing on the stock market, after the National Banking and Securities Commission (CNBV) ordered the BMV through official letter 155-3/8880/2024 to restart its operations, after in July They were suspended.

On that date the price of the title ended at 274.27 pesos, which represented a drop of 70.97 percent compared to the 944.95 pesos per bond reported until July 26, a loss of 148,691 million pesos in capitalization value. The company considered that this caused irreparable damage.

Data from the BMV show that in June 2021, the price per share reached 1,627.92 pesos, a level that was the highest price in five years.

The price until Friday’s close means a drop of 77.94 percent. In such a way that the company has reduced its capitalization value in the stock market from 2021 to date by around 281 thousand 322 million 20 thousand pesos.