After being delisted, 3 members of the Board of Directors of Apax Holdings also simultaneously submitted their resignations.
The information has just been announced by Apax Holdings Joint Stock Company. Accordingly, 3 members of the Board of Directors have just submitted their resignations, namely Mr. Quach Manh Hao, Nguyen Minh Chinh and Nguyen Trong Quynh, all for personal reasons. Of which, Mr. Quach Manh Hao submitted his resignation on November 6.
Apax Holdings Board of Directors will have only 2 people: Chairman Nguyen Ngoc Thuy and one member, Mr. Nguyen Ngoc Khanh.
Mr. Nguyen Ngoc Thuy (middle) and Egroup leaders at last year's shareholder meeting. Photo: Egroup
Three days ago, the Ho Chi Minh City Stock Exchange (HoSE) issued a document to compulsorily delist IBC shares of Apax Holdings Investment Joint Stock Company.
The reason is that since the suspension of trading, Apax Holdings' information disclosure violations have not been resolved. This enterprise has not yet published many documents including the audited financial statements for 2022, the financial statements for the first and second quarters, the audited semi-annual financial statements for 2023, and the corporate governance report for the first 6 months of 2023. In addition, Apax Holdings has not yet held the 2023 annual general meeting of shareholders.
Previously, IBC was placed under 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 to seriously violate its information disclosure obligations and affect shareholders’ rights.
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.
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 VND12,550 at the end of November. Previously, this stock was also continuously sold off, and securities companies were often sold off.
At the shareholder 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.
Thi Ha
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