900,000 Apax Holdings shares force sold
In this article (5)
Over 900,000 shares of Apax Holdings have been forced sold by stock brokerages after hitting the floor 16 sessions in a row.
Apax Holdings chairman Nguyen Ngoc Thuy, also known as Shark Thuy, said that 113,000 of his IBC shares were forced sold by Bao Viet Securities last week, according to a filing to the Ho Chi Minh Stock Exchange.
This reduced his ownership in the company from 8.05% to 7.91%.
In the last two weeks Bao Viet Securities and Mirae Asset Securities also forced sold 788,700 IBC shares owned by Apax Holdings’ parent company Egroup.
Egroup has seen its ownership in Apax Holdings reduced from 59.76% to 58.81% as a result.
A brokerage typically requires shares to be sold if it issues a margin call and the investor is unable to come up with the money.
Apax Holdings has seen its IBC shares plunging since November 11 as the company has been accused of delaying salary payments and of failing to uphold high quality.
In the last five weeks share prices has fallen by 83%.
Thuy said that a cash shortage caused by the impact of Covid-19 has put the company in crisis.
He said he would lead the business to recovery but that he will need around three years to accomplish this.
Questions & Answers
Q.What is the primary reason for the fall in Apax Holdings' share price?
What is the primary reason for the fall in Apax Holdings' share price?
Apax Holdings' IBC shares have been falling since November 11 due to accusations of delaying salary payments and failing to maintain high quality. The company also faces a cash shortage caused by Covid-19.
Q.How much has Chairman Nguyen Ngoc Thuy's ownership in Apax Holdings been reduced?
How much has Chairman Nguyen Ngoc Thuy's ownership in Apax Holdings been reduced?
Nguyen Ngoc Thuy's ownership in Apax Holdings was reduced from 8.05% to 7.91% after 113,000 of his IBC shares were forced sold by Bao Viet Securities last week.
Q.How long does the chairman expect it will take to recover the business?
How long does the chairman expect it will take to recover the business?
Chairman Nguyen Ngoc Thuy stated that he expects to lead the business to recovery. He believes it will take around three years to accomplish this goal.
Reader pulse
What does Apax's share crisis signify for retail?
24,240 votes so far