The Mexican Stock Exchange (BMV) has decided to suspend the trading of Grupo Elektra's securities, owned by magnate Ricardo Salinas Pliego, again. This decision comes after the BMV resumed the company's stock quotation and was forced to suspend it once more due to 'extraordinary fluctuations in the price of securities' and the lack of 'disclosure of information on relevant events.' The measure was taken to avoid disorderly conditions in the market.
According to the BMV, the fluctuations in the price of Grupo Elektra's securities and the lack of transparency in disclosing relevant events were the main reasons behind the suspension of the quotation. This situation has generated uncertainty in the market regarding the company's future. The intention of this measure is to maintain a fair and orderly market, avoiding transactions that do not comply with market practices.
In addition to the suspension of quotations, Grupo Elektra faces additional bad news, as the rating agency S&P Global Ratings has downgraded its credit rating to 'BB' with a negative outlook, due to the tax contingencies facing the company. The negative outlook indicates that the situation could worsen in the next 12 months, affecting its creditworthiness if the tax issues are not resolved in time.
Among the risks highlighted by S&P Global Ratings are several disputes that Grupo Elektra has with the Tax Administration Service (SAT) regarding the payment of taxes from previous years, as these lawsuits have yet to be resolved.
