15 million IBC shares of Egroup Corporation will be sold by a securities company after this code was restricted from trading.
Bao Viec Securities Company (BVSC) announced the sale of 15 million IBC shares (stock code of Apax Holdings Investment Joint Stock Company) pledged by Egroup, from June 22 to July 12, by order matching or negotiation method.
With the amount of shares equivalent to 18% of capital, if the above transaction is successful, Egroup's ownership ratio at Apax Holdings will decrease to about 17%. Egroup, chaired by Mr. Nguyen Ngoc Thuy, was previously the parent company of Apax Holdings. However, since the beginning of the year, this enterprise has lost its parent company rights when securities companies continuously sold off its shares.
This move came after Egroup fell into a crisis over teaching quality, late payment or unpaid salaries to employees and investors. After about 5 months of struggling, in early April, Mr. Thuy announced that the company had successfully restructured the first phase by reopening more than 30 Apax Leaders centers - the core business. However, this business still owes money to investors for 3-5 years, and for now, it only offers ways to swap debt for real estate, English learning packages, investment packages and household appliances.
At the investor meeting on the evening of June 6, Mr. Nguyen Ngoc Thuy said he did not believe that Egroup was in the current crisis.
Egroup recently established a repayment schedule for investors who meet two out of three criteria including being over 80 years old, having a serious illness or cancer, and being hospitalized for more than a month. Initially, the company will spend up to VND100 million per month to pay investors.
At the same time, Apax Leaders also started refunding tuition fees to parents in three installments, 20% from June 10 and 40% in the following two installments (July 20 and August 20). If the amount is less than 5 million VND, parents will be paid all in the first installment.
On the stock market, Apax Holdings shares have been moved from controlled to restricted trading since mid-May. The Ho Chi Minh City Stock Exchange (HoSE) said the reason was that the company was 45 days late in submitting its 2022 audited financial statements.
In a document sent to HoSE, Mr. Thuy explained the reason for the delay was because the company was in the process of restructuring and lacked human resources. The company would soon complete and publish its financial reports "as soon as possible". Mr. Thuy promised to strictly comply with regulations on timely information disclosure next year.
Since the beginning of the year, IBC's market price has decreased from VND3,600 to VND2,420 per unit at the end of last week. In early April, this code had a price increase after Egroup announced the successful restructuring of the first phase, with IBC reaching VND3,100 per share. Since switching to restricted trading, the market price of this code has only fluctuated around VND2,500 per unit, however, liquidity has not decreased significantly compared to the beginning of the year.
Siddhartha
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