Singapore tycoon Oei Hong Leong has bought another 3.7 million ordinary shares from the market for $739,815, pricing each share in Raffles Education at 20.0 cents.

The transaction, which took place on September 10, increased Oei’s stake in the company to 13.4% from 13.14% previously.

Oei previously purchased two million shares for $284,594 from the market on September 8.

On September 1, Oei sent in a requisition notice for Raffles Education to hold an extraordinary general meeting (EGM) with a list of resolutions for shareholders to vote upon, including the removal of chairman and CEO Chew Hua Seng.

Units in Raffles Education closed 1.6 cents lower, or 8.4% down, at 17.4 on September 11.

See also: