Three members of the board of education company Apax Holdings have submitted their resignations, following the delisting of the company’s shares.
According to Apax Holdings, its former board members Quach Manh Hao, Nguyen Minh Chinh and Nguyen Trong Quynh cited personal reasons in their resignation.
That leaves Nguyen Ngoc Thuy, an investor who became popular thanks to the reality TV show Shark Tank Vietnam, also chairman of Apax Holdings, and Nguyen Ngoc Khanh, the other two members of the company’s board of directors.
Apax Holdings Chairman Nguyen Ngoc Thuy (center) and senior executives of Egroup, a major shareholder of Apax Holdings, during a meeting with shareholders in 2022. Photo provided by Egroup
The Ho Chi Minh Stock Exchange (HoSE) announced on Thursday that Apax Holdings’ IBC shares had been delisted from its main public exchange due to the company’s failure to disclose its financial reports on time.
It has not yet submitted to the stock exchange authorities its financial reports for 2022 and for the first two quarters of this year.
This year too, it failed to organize a general meeting of shareholders, which should take place every year.
Prior to its delisting, IBC trading had been restricted since mid-September for the same reason. Its price was recorded at 1,770 VND ($0.07) per share at the time of the restriction.
Apax Holdings was the only listed subsidiary of Egroup, Thuy’s ecosystem of educational institutions. Egroup’s stake in Apax Holdings was reduced to 17.66% after brokerages forcibly sold its IBC shares of Apax Holdings several times.
Still, Thuy acts as president of the company.
The difficulties began last year when many parents claimed the school had failed to deliver lessons in the quantity and quality promised.
As a result, most of its centers were closed and Thuy had to meet with lenders several times to settle large debts.
He said last week that Apax Holdings would focus on resuming its business operations in Ho Chi Minh City, as part of a post-crisis restructuring attempt. He also promised to repay creditors and investors their money over the next five years.