Recently, Bao Viet Securities Joint Stock Company (BVSC - HoSE: BVS) announced the sale of mortgaged securities of customers who are related parties of insiders.
Accordingly, Bao Viet Securities plans to sell 15,000,000 shares of IBC - Apax Holdings Investment JSC from customer Egroup Education Corporation during the expected trading period from June 22, 2023 to July 12, 2023. The trading method is order matching or negotiated trading.
Egroup is an organization related to Mr. Nguyen Ngoc Thuy (Shark Thuy) - Chairman of the Board of Directors of Apax Holdings. In the past year, this organization has had tens of millions of shares mortgaged by a securities company in the context of IBC's stock price plummeting.
In addition, IBC shares are currently on the restricted trading list, only allowed to be traded during the afternoon session due to the delay in submitting audited financial statements for 2022. At the end of the trading session on June 21, IBC's market price increased by 2.79% to VND 2,580/share.
IBC stock performance over the past year (Source: TradenView).
Explaining this, Apax Holdings said that in the recent past, the company's internal management has encountered some problems. In addition, the completion of the report of its subsidiary - Apax English Joint Stock Company is facing some difficulties due to lack of personnel and the restructuring process, affecting the progress of completing the 2022 financial report of Apax Holdings.
Currently, the company is working closely with the auditor to complete the 2022 financial report as soon as possible.
The Company commits to publish the 2022 financial statements immediately after issuance, in parallel with the publication of the 2022 Annual Report and the self-prepared financial statements for the first quarter of 2023 in accordance with regulations.
The company commits to publish the 2022 financial statements immediately after issuance, in parallel with the publication of the 2022 Annual Report and the self-made financial statements for the first quarter of 2023 in accordance with regulations. In 2024, the company said it will strictly comply with regulations on publishing the 2023 financial statements on time.
According to the 2022 financial report, Apax Holdings recorded net revenue of VND 1,336 billion, an increase of 35% over the same period last year, but after deducting cost of goods sold and other expenses, the company reported a loss of more than VND 81 billion while in the same period it made a profit of more than VND 6 billion.
Regarding negative information occurring during the operation of the company Apax English-Apax Leaders, the company said that Apax will carry out a general restructuring plan across the entire system from November 25, 2022 and is expected to be basically completed in the first quarter of 2023.
With current financial resources, Apax Holdings wants to focus on restructuring and reopening to reopen the center's operations. After the restructuring period, the company will open all centers and upgrade learning solutions to the same or better than before the pandemic .
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