MEXICO CITY — TV Azteca, Mexico’s No. 2 net, said Friday it will delist from the New York Stock Exchange starting today.
The previously announced decision follows fraud charges by the U.S. Securities and Exchange Commission against TV Azteca topper Ricardo Salinas.
Holders of TV Azteca’s American Depository Receipts will have 60 days to exchange ADRs for CPOs traded on the Mexican Stock Market, TV Azteca said in a press release.
Shareholders voted in June to delist, and company cited high costs of meeting U.S. regulatory requirements.
In January the SEC filed civil fraud charges, alleging that Salinas made $109 million in profit from a 2003 debt deal involving telco Unefon, in which Salinas held a minority share. SEC wants to fine Salinas and ban him from sitting on the board of any U.S.-traded company.
Salinas-owned telco Iusacell and retailer Elektra will also delist from NYSE.