Shark Thuy's company shares were delisted.

IBC code, chaired by Mr. Nguyen Ngoc Thuy, was forced to delist on HoSE for seriously violating information disclosure obligations.

The Ho Chi Minh City Stock Exchange (HoSE) has just announced the decision to compulsorily delist IBC shares of Apax Holdings Investment Joint Stock Company. The reason is that IBC seriously violated its information disclosure obligation.

To date, this enterprise has not yet announced many documents including the 2022 audited financial report, the first and second quarter financial reports, the 2023 semi-annual audited financial report and the first 6-month corporate governance report of 2023. In addition, Apax Holdings has not yet held the 2023 annual general meeting of shareholders.

Previously, IBC was placed on HoSE’s monitoring list, including trading suspension, control, and warning. Since the trading suspension, the company has not yet corrected the above information disclosure violations. HoSE believes that this enterprise is likely to continue and prolong, seriously violating its information disclosure obligations and affecting shareholders’ rights.

Investors are monitoring IBC shares. Photo: Tat Dat

Apax Holdings is the only listed subsidiary of Egroup - the educational ecosystem of Mr. Nguyen Ngoc Thuy. This company is behind Apax Leaders, Igarten kindergarten, Firbank Australia inter-level school.... After many rounds of liquidation, Egroup has lost its parent company rights when the ownership ratio at Apax Holdings has decreased to 17.66%. However, Mr. Thuy is still the Chairman of the Board of Directors.

In July, Mr. Thuy explained that internal management had recently encountered problems, lacked staff, and was undergoing restructuring, which affected the progress of completing financial reports. The company planned to hold its annual meeting in November, but has yet to hold it.

Since being suspended from trading on September 18, IBC has had a market price of VND1,770 per unit. This level was established after 5 consecutive sessions at the floor price. The stock code Apax Holdings has fallen sharply compared to the level of VND12,550 at the end of November. Previously, this stock was also continuously sold off, and securities companies were often liquidated.

At the shareholders meeting last weekend, Mr. Nguyen Ngoc Thuy said that Apax Leaders' upcoming strategy is to restore business operations in the Ho Chi Minh City market. After a period of post-crisis restructuring, this chain currently has 38 centers, mainly in the North. The company recorded more than 11,000 students, but up to 10,000 of them were pre-paid students, so the newly recorded revenue is not high.

Siddhartha

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