Chew Hua Seng

Raffles Education scraps $27.4 mil rights issue in view of recent market conditions, share price falls

SINGAPORE (Mar 6): Raffles Education Corp is cancelling its proposed 2-for-10 rights issue, which would have allowed the group to raise up to about $27.4 million in net proceeds after raising 275.9 million new shares at the issue price of 10 cents per share.  

Citing “recent market conditions”, the group also notes that its current share price is currently below the 10-cent issue price of the rights shares.

Prior to the midday trading break, shares in the group were down by 2 cents or 18.2% in the year to date (YTD) at 8.8 cents.

Oei withdraws requisition notice for Raffles Education to convene EGM

SINGAPORE (Nov 16): Oei Hong Leong and Oei Hong Leong Art Museum have withdrawn their requisition notice for Raffles Education Corporation to convene an extraordinary general meeting (EGM) on Nov 29.

See: Raffles Education convenes Nov 29 EGM to vote on Oei’s resolutions

Raffles Education convenes Nov 29 EGM to vote on Oei’s resolutions

SINGAPORE (Nov 2): Raffles Education is convening an EGM on Nov 29 to consider the proposed resolutions from shareholders Oei Hong Leong and Oei Hong Leong Art Museum.

The EGM will be held at 9.30am at Cinnamon Room of Novotel Singapore Clarke Quay.

Among the three resolutions tabled for voting, Oei is asking for the removal of Chew Hua Seng as chairman and director of the company with effect from the date of the EGM and to take all steps necessary to remove him from all his other appointments in the company in Resolution 2.

Oei Hong Leong calls for EGM at Raffles Education to oust chairman Chew Hua Seng

SINGAPORE (Oct 13): Notable asset trader Oei Hong Leong, the second largest shareholder of Raffles Education, is calling for an EGM to oust chairman Chew Hua Seng.

Besides seeking Chew’s removal, Oei also wants to know the identities of the subscribers of a recent placement of 95 million new shares.

The company revealed this in a regulatory filing late on Thursday evening, citing a meeting requisition notice it had received from Oei earlier in the day.

Raffles Education placing out 95 million new shares to raise $28.5 mil to pare loans

SINGAPORE (Sept 28): Raffles Education Corporation is proposing to sell 95 million new shares at 30 cents each to raise $28.5 million.

The private education provider intends to use 70-80% of the net proceeds from the placement of up to $28.2 million for repayment of loans and borrowings with the rest going towards general working capital purposes.

The placement price represents a discount of 9.04% to the volume weighted average price of 32.98 cents for all trades done on Wednesday.

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