Apax Holdings Investment explains that IBC's trading is restricted.

DNHN - Apax Holdings provided a written explanation of the remedy for the restricted trading of its securities before HoSE's decision. Apax Holdings Investment Joint Stock Company (IBC) received the Ho Chi Minh City Stock Exchange's (HoSE) decision.

Apax Holdings Investment Joint Stock Company (IBC) received the Ho Chi Minh City Stock Exchange's (HoSE) decision No. 217/QD-SGDHCM dated May 16 announcing the transfer of IBC shares from controlled to restricted trading on May 25. The reason given was that IBC submitted its audited financial statements for 2022 more than 45 days after the deadline.

Faced with this circumstance, Apax Holdings has provided a written explanation of how to remedy the restricted trading of securities. The company reported that its internal management has encountered some issues in recent times. Specifically, Apax English Joint Stock Company, a subsidiary of Apax Holdings, encountered difficulties in completing its 2022 financial statements due to a lack of personnel and issues with the financial structure process, which had an impact on the progress of completing IBC's 2022 financial statements.

Currently, Apax Holdings is collaborating with an auditor to expeditiously complete the financial report for 2022. In addition, the company commits to publishing the 2022 Annual Report and the self-made financial statements for the first quarter of 2023 by applicable regulations, as soon as the financial statements for 2022 are completed. IBC has also pledged to comply with regulations and ensure the 2023 financial statements are published on time in 2024.

Notably, Egroup Education Group JSC is the parent company of IBC and is related to Mr. Nguyen Ngoc Thuy, Chairman of the Board of Apax Holdings, also known as "Shark Thuy" for his participation in the Vietnam Shark Programme Tank. As of the end of 2022, Mr. Thuy owns 6.17 percent of Apax Holdings' capital stock.

Recently, numerous businesses under Mr. Thuy's management, particularly Apax Leaders - Apax English, have encountered numerous challenges. Specifically, this center faces a crisis of teacher salary debt, late payment of interest and principal to investors, and delay in tuition reimbursement for parents if it is forced to close some branches.

Only IBC shares of Apax Holdings Investment Joint Stock Company are listed on the exchange in the Egroup ecosystem. IBC is re-engineering its internal governance process to ensure regulatory compliance and preserve its reputation on the stock market as it works to overcome the situation of restricted securities.

P.V (t/h)