By Anthony Harrup


MEXICO CITY--Mexican retail and banking company Grupo Elektra said Friday that its shareholders approved a proposal to take the company private and delist it from the Mexican stock exchange.

Elektra said shareholders designated a new board of directors to reorganize and strengthen the company, with controlling shareholder Ricardo Salinas Pliego as honorary chairman. Elektra has said it considers the market to be undervaluing its businesses.

Elektra shares fell more than 70% on Dec. 2 when regulators ordered a continuous resumption of trading, ending a suspension that began in July over a dispute with creditors of Salinas Pliego. Elektra shares were up 5.4% midsession Friday at 355 Mexican pesos ($17.55).


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

12-27-24 1251ET