Wednesday , April 24 2024

Apax Holdings stock hits floor for 8 straight sessions

Education firm Apax Holdings said that investors’ reaction to “instabilities and negative economic prospects” has dragged its share down for several sessions in a row.

The stock hit the floor price eight sessions in a row, and has lost over 50% in two weeks and closed Friday at VND8,780 ($0.36).

Apax Holdings has been affected by dozens of students and teachers at Apax English centers accusing it of owing them money.

The company also saw over VND5.6 billion seized from its bank accounts by Hanoi tax authorities for delay in filing.

But it claimed in a filing with the Ho Chi Minh Stock Exchange that it complies with the laws.

The company reported pre-tax profits of VND2.6 billion in the third quarter, down 80% year-on-year.

Its chairman, Nguyen Ngoc Thuy, has been in the limelight since 2017 for taking part in TV show Shark Tank as a “shark” or an investor looking to buy stakes in promising startups.

But the producer of the show said recently that Thuy’s role in the show ended in 2019 and it does not have anything to do with him now.

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