Apax Holdings shares now face suspension from UPCoM exchange

Its IBC shares were delisted from the country’s main bourse for failing to submit its financial reports in time.

UPCoM regulations require the company to resolve the issue within 15 days of being suspended.

Apax Holdings has yet to release its 2022 audited financial statements, first and second quarter financial statements for 2023 as well as the half-yearly financial statements and corporate governance report for the period.

It has not held the 2023 annual general meeting.

IBC was moved automatically to UPCoM by the Vietnam Securities Depository after being delisted from HoSE on Dec. 6.

UPCoM was established to encourage firms to participate in the securities market with the aim of eventually listing either on HoSE or the Hanoi Stock Exchange.

Apax Holdings was founded as a subsidiary of Egroup, which is chaired by Nguyen Ngoc Thuy, an investor who became famous through the television reality investment show Shark Tank Vietnam.

But Egroup has been paring its ownership of Apax Holdings over time and now has only a 17.66% stake in it.

IBC is now trading at VND1,770, down 86% from the end of November.

Thuy has said Egroup is reopening Apax Leaders English centers in Ho Chi Minh City. It now has 38 centers, most of them in the north.

The school ran into trouble last year when students’ parents demanded refunds after finding out it had failed to meet its teaching quality commitments. It is now in the process of paying large debts, most of them to individual creditors.