A Mexican Tycoon, who controls a chain of electronics stores in Latin America has purchased shares in U. S.-based second-biggest electronics retailer Circuit City Stores Inc.

Ricardo Salinas Pliego, one of Forbes World's Richest People since 2000 has owned more than 47 million shares of Circuit City Stores as of Nov. 14, according to data filed with the Securities and Exchange Commission.

He purchased 30.3 million shares of the firm at average prices ranging between 22 cents and 26 cents each.

The latest deal raised Mexican billionaire’s stake to 47.2 million shares, making him the company's largest shareholder. However, Salinas has not yet filed the SEC form, which is required from everyone who holds more than a 5 percent stake in a company.

Last week, Circuit City filed for Chapter 11 bankruptcy protection as the US firm facing pressure from its vendors and from consumers who are spending less due to economic slowdown.

The retailer has said it hopes to emerge from Chapter 11 in the first half of 2009.