Apax Holdings Investment Joint Stock Company (stock code IBC) has just issued a document explaining measures to overcome the situation of restricted securities trading.
Accordingly, Mr. Nguyen Ngoc Thuy (Shark Thuy), Chairman of the Board of Directors of Apax Holdings, said that he had received a decision from the Ho Chi Minh City Stock Exchange to transfer the company's shares from the controlled category to the restricted trading category due to the delay in submitting the audited financial statements for 2022 for more than 45 days.
Apax Holdings said that recently the company's internal management has encountered some problems, the completion of the report of its subsidiary - Apax English Joint Stock Company is facing difficulties due to lack of personnel and is in the process of restructuring, affecting the progress of completing the 2022 financial report of Apax Holdings.
Mr. Nguyen Ngoc Thuy said that he is working closely with the controlling unit to complete the 2022 financial report as soon as possible. Apax Holdings is committed to publishing the report immediately after its release, and disclosing information for the 2022 annual report and the self-made financial report for the first quarter of 2023 in accordance with regulations.
"In 2024, Apax Holdings will strictly comply with regulations on publishing 2023 financial reports on time," Mr. Thuy stated in the explanatory report.
Previously, Apax Holdings' IBC shares were transferred from warning status to control status, followed by trading restrictions due to late submission of audited financial statements for 2022. In the last trading session, IBC shares closed at VND2,620/unit, down 3.32% compared to the previous session. Due to being subject to trading restrictions, this stock code can only be traded in the afternoon session of the trading day by centralized order matching and negotiated trading methods.
IBC shares were traded around 17,000 VND/share at the end of November last year before plummeting to 2,600 VND at present.
Apax Holdings is the parent company of Apax Leader - a chain of English centers that has been involved in many controversies related to teaching quality, late salary payments, unpaid teacher salaries... Many parents have asked Apax English to refund billions of dong in tuition fees when it failed to fulfill its training commitments.
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