Apax Holdings delisted from main bourse

By Tat Dat November 23, 2023 | 01:42 am PT

Students are instructed to work in a classroom of Apax Leaders. Photo courtesy of Apax Leaders

Education firm Apax Holdings’ IBC shares have been delisted from the Ho Chi Minh Stock Exchange (HoSE) as the company failed to disclose financial reports on time.

The company, which is part of the ecosystem of Egroup – the operator of language school Apax Leaders – has yet to submit to stock authorities its financial reports for 2022 and for the first two quarters this year.

Its chairman is Nguyen Ngoc Thuy, an investor who became popular through the investment reality show Shark Tank Vietnam. Thuy is also the chairman of Egroup, which owns a 17.66% stake in Apax Holdings.

Thuy said in July that the company is facing difficulties in restructuring and it is short of people, which is why it was delayed in finishing financial reports.

The company had a general meeting scheduled for November but so far has yet to organize it.

In the last 12 months IBC has plunged 86% to VND1,770 ($0.073) per share.

Chairman Thuy is in the process of reopening Apax Leaders centers, especially in Ho Chi Minh City, after shutting down most of them this year due to a financial crunch.

Many parents are still demanding a refund from the school for failing to fulfill its quality commitments.