Three of Apax Holdings' board members quit

By Thi Ha November 26, 2023 | 04:00 am PT

Three members of education firm Apax Holdings’ management board have submitted their resignation, following the delisting of the company's stock.

According to Apax Holdings, former members of its management board Quach Manh Hao, Nguyen Minh Chinh, and Nguyen Trong Quynh cited personal reasons in their resignation submission.

This leaves Nguyen Ngoc Thuy, an investor who became popular through the investment reality show Shark Tank Vietnam, also Apax Holdings’ chairman, and Nguyen Ngoc Khanh, the remaining two members of the firm’s management board.

Apax Holdings’ chairman Nguyen Ngoc Thuy (C) and senior leaders of Egroup, a major shareholder of Apax Holdings, in a meeting with shareholders in 2022. Photo courtesy of Egroup

The Ho Chi Minh Stock Exchange (HoSE) announced Thursday that Apax Holdings’ IBC shares have been delisted from its major public stock exchange due to the firm’s failure to disclose its financial reports on time.

It has yet to submit to stock authorities its financial reports for 2022 and for the first two quarters this year.

It has failed to hold a general meeting for shareholders this year as well, which is expected to take place on an annual basis.

Prior to its delisting, IBC had been restricted in trading since mid-September for the same reason. Its price was recorded at VND1,770 ($0.07) per share at the time of restriction.

Apax Holdings was the only listed subsidiary of Egroup, Thuy’s ecosystem of educational institutions. Egroup’s ownership in Apax Holdings has reduced to 17.66% after stock brokerages have force sold its IBC shares of Apax Holdings for many times.

Still, Thuy is acting as the firm’s chairman.

Its challenges began last year when many parents claimed that the school failed to provide lessons in the quantity and quality it promised.

Most of its centers were closed down as a result, and Thuy had to meet with lenders several times to settle large debts.

He said last week that Apax Holdings will focus on recovering its business activities in Ho Chi Minh City, as an attempt of restructuring post-crisis. He has also promised to repay creditors and investors their money over the next five years.