Businessman Oei Hong Leong has spent around $1.2 million to snap up nearly 6.4 million Raffles Education shares from the open market.

He now holds a total stake of just over 193 million shares, or 14% of the company, up from 13.53% previously, according to an April 30 notice that was filed late in the evening of Saturday, May 1.

Presumably, Oei’s buying was behind the 21.95% surge in Raffles Education’s share price on April 30, which closed at 20 cents. 

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