The Ho Chi Minh City Stock Exchange (HoSE) has announced the mandatory delisting of IBC shares of Apax Holdings Joint Stock Company. Currently, this stock code has over 83.15 million shares traded on the stock exchange.
The regulatory agency stated that the company is under three-way scrutiny for violations. Firstly, IBC shares have been suspended from trading (as per the decision dated September 11th) due to the company's continued violations of regulations regarding information disclosure on the stock market after being placed under trading restrictions.
Secondly, IBC shares are also under control (according to the decision dated October 4th) due to the failure to submit the audited semi-annual financial report for 2023 more than 30 days after the deadline.
Thirdly, this stock code was also placed on the warning list according to the decision dated July 4th because it had not held its annual general meeting of shareholders for more than 6 months since the end of the 2022 fiscal year.
"To date, the company has not published its audited financial statements for 2022, its financial statements for the first and second quarters of 2023, its audited semi-annual report for 2023, its management report for the first six months of 2023, and has not held its 2023 annual general meeting," according to a document dated November 21st from HoSE.
The stock exchange also emphasized that since the suspension of trading, the company has not rectified the violations and is likely to continue to do so, seriously violating its information disclosure obligations and affecting shareholder rights.
Therefore, based on the provisions of Decree 155/2020/ND-CP and the opinions of the State Securities Commission and the Vietnam Stock Exchange, the HoSE leadership signed a decision to carry out the mandatory delisting of IBC shares of Apax Holdings as prescribed.
In fact, IBC shares have been suspended from trading since September 18th and have been continuously sold off for the previous five sessions. The share price has evaporated by approximately 90% of its value in the past year, currently trading at a paltry 1,770 VND per share.
In addition to receiving a series of bad news regarding its stock trading activities, Shark Thuy's Apax Holdings is also facing significant changes in its senior management. The company recently received a resignation letter from Mr. Quach Manh Hao, an independent member of the Board of Directors, effective November 6th, citing personal reasons.
Mr. Hao is known as a renowned financial expert residing in the UK, teaching and conducting research at Lincoln University. He has also served as a board member and senior executive at several securities firms and fund management companies.
Apax Holdings' business performance was also very poor, with a huge net loss of 86 billion VND in 2022 and numerous controversies related to unpaid teacher salaries, delayed interest and principal payments to investors, and delayed compensation for tuition fees to parents when branches closed...
Apax Holdings was founded by Mr. Nguyen Ngoc Thuy (Shark Thuy), who currently serves as the Chairman of the Board of Directors. The major shareholder, Egroup Education Group, had previously undergone a series of forced sales to reduce its ownership stake to approximately 16.77%, while Shark Thuy now directly owns only 6.17% of the capital.
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