MEXICO CITY (Reuters) – Shares of Mexico’s embattled financial services company and retailer Elektra gained nearly 20% on Wednesday, after an earlier suspension on trading on the local stock exchange was lifted triggering a sharp fall.
The company is part of the sprawling business empire of billionaire Ricardo Salinas, one of Mexico’s richest men.
The company’s stock was up 19.65% by midday Wednesday, trading at about 393 pesos ($19.53) per share.
Last week, Elektra’s shares fell sharply, losing around 70% in a single session, when a trading suspension implemented in July was lifted.
The company has criticized Mexico’s securities regulator for lifting the suspension, which began after Elektra said it was informed about a possible fraud scheme committed by one of its creditors, Astor Assets, which it argued illegally disposed of over 7 million of its shares.
Elektra is set to propose taking the company private at a shareholder meeting scheduled for Dec. 27.
Its stock remains down 67% since the start of this year.
($1 = 20.1214 Mexican pesos)
(Reporting by Ana Isabel Martinez; Editing by Anthony Esposito and Sarah Morland)