The Ho Chi Minh City Stock Exchange (HoSE) has suspended the trading of IBC shares belonging to Apax Holdings JSC, which owns the APAX Leaders English-language center chain, as the company violated regulations on information disclosure even after having its shares classified as restricted. IBC was placed in the restriction list due to Apax Holdings JSC’s lateness in submitting its audited 2022 financial report. Apax Holdings, whose chairman is Nguyen Ngoc Thuy, is the parent company of APAX English Corporation, the operator of APAX Leaders English centers, Igarten Education Development JSC, and Firbank Australia School JSC. He added that APAX English Corporation was confronted by a shortage of human resources and was in a restructuring process, which hindered the completion of Apax Holdings’ 2022 financial report. Thuy added that the scandal did not affect Apax Holdings’ business as Apax Holdings was the parent company which operated independent APAX Leaders centers.
Mar 21 2023