Monday , June 24 2024

Apax operator’s 15M shares forced sold


A stock brokerage has force sold Egroup’s 15 million IBC shares of Apax Holdings, the operator of English language school Apax Leaders.

The forced sale will happen between June 22 and July 12, Bao Viet Securities said in a statement.

These are the shares Egroup has pawned at the brokerage.

This means Egroup’s ownership in Apax Holdings is set to be reduced by 18% to 17%.

Egroup used to own more than 50% of Apax Holdings, but this year many brokerages have been force selling its shares in the latter as Egroup struggles with debts.

It will take Egroup three to five years to pay back all creditors, the company has said.

Apax Holdings shares have been restricted in trading since mid-May as it was more than 45 days late in submitting its financial report for 2022.

The company explained to the Ho Chi Minh Stock Exchange that it was in the process of restructuring and there was not enough staff.

IBC has fallen nearly 33% so far this year to around VND2,420 ($0.10).

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