Oei Hong Leong, a substantial shareholder in Raffles Education, has increased his stake in the company to 13.05% from 12.9% previously.

According to an SGX filing dated September 9, Oei bought two million shares from the market for $284,594, or 14.23 cents per share on September 8.

Prior to Oei’s transaction, shares in Raffles Education were hovering around the 11-cent mark.

Shares in Raffles Education were trading at a high of 19.3 cents on September 9, representing a 28.7% increase from its last closed price of 15 cents.

The transaction caused a surge in the company’s share price and trading volume, which triggered a query from market regulator Singapore Exchange Regulation (SGX RegCo) on the same day.

See: Raffles Education draws SGX query on share price surge

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.

See also: Raffles Education CEO Chew Hua Seng refutes CAD claims by Oei Hong Leong and Oei Hong Leong wants to oust Chew Hua Seng again

As at 4.25pm, shares in Raffles Education were trading 2.6 cents higher, or 17.3% at 17.6 cents.