Trading in Mexican retailer Elektra again suspended
11:12 am Friday, November 22nd, 2024
MEXICO CITY (Reuters) – Mexico’s main stock exchange on Friday reinstated a trading suspension on retailer Elektra before shares changed hands, with Elektra warning that any trading would harm its business.
Trading in the retailer, controlled by magnate Ricardo Salinas, has been suspended on and off for several months after Elektra said it had been informed by its controlling group regarding a possible fraud by depositaries of their shares.
The exchange had said earlier on Friday that it would lift the suspension under order from the nation’s banking commission, but Elektra slammed the decision, saying it had a provisional court order against such an action.
Elektra said in a statement that if trading were to resume, it would cause “irreparable damage” to the firm and create market instability.
(Reporting by Kylie Madry and Noe Torres; Editing by Aida Pelaez-Fernandez and Jonathan Oatis)
