The Ho Chi Minh City Stock Exchange (HoSE) has just announced the mandatory delisting of IBC shares of Apax Holdings Joint Stock Company. Currently, this stock code has more than 83.15 million shares being traded on the stock exchange.
The regulator said the company is being monitored for three violations. First, IBC shares have been suspended from trading (according to a decision dated September 11) because the company continues to violate regulations on information disclosure on the stock market after being placed on a trading restriction list.
Second, IBC shares are also under control (according to the decision dated October 4) due to the delay in submitting the 2023 semi-annual audited financial report 30 days past the deadline.
Third, this stock code was also put on the warning list according to the decision on July 4 because it has not held an annual general meeting of shareholders for more than 6 months from the end of fiscal year 2022.
"Up to now, the company has not announced the audited financial statements for 2022, the financial statements for the first and second quarters of 2023, the semi-annual audit report for 2023, the management report for the first 6 months of 2023 and has not organized the 2023 annual general meeting of shareholders," according to a document dated November 21 of HoSE.
The stock exchange also emphasized that since the time of suspension of trading, the company has not yet remedied the above violations and is likely to continue, seriously violating the obligation to disclose information and affecting the rights of shareholders.
Therefore, based on the provisions of Decree 155/2020/ND-CP and based on the opinions of the State Securities Commission and the Vietnam Stock Exchange, the leaders of HoSE signed a decision to implement the mandatory delisting of Apax Holdings' IBC shares according to regulations.
In fact, IBC shares have been suspended since September 18 and have been sold off continuously for the previous 5 sessions. The stock price has evaporated about 90% of its value in the past year, currently at only "iced tea" level of 1,770 VND per share.
Not only has Shark Thuy's Apax Holdings received continuous bad news about its stock trading activities, it also has to face high-level personnel changes. The company recently received the resignation letter of Mr. Quach Manh Hao, an independent member of the Board of Directors, since November 6 due to personal reasons.
Mr. Hao is known as a famous financial expert living in the UK, teaching and researching at Lincoln University. He was also a member of the board of directors and senior executive at a number of securities companies and fund management companies.
Apax Holdings' business operations are also very poor with a huge net loss of VND 86 billion in 2022 and many controversies related to teacher salary arrears, late interest and principal payments to investors, late tuition compensation for parents when closing branches...
Apax Holdings was founded by Mr. Nguyen Ngoc Thuy (Shark Thuy) and is currently the Chairman of the Board of Directors. The major shareholder, Egroup Education Corporation, was previously continuously liquidated to reduce its ownership ratio to about 16.77% of shares, while Shark Thuy only directly owns 6.17% of capital.
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