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Raffles Education CEO acquires 13.7 mil shares, upping stake to 34.57%

·1-min read

The company’s independent director, Chua Chwee Koh, also acquired shares in the company, raising his stake to 0.435%.

Chew Hua Seng, Raffles Education’s chairman, CEO and controlling shareholder, now owns 476.6 million shares, equivalent to 34.57% of the company.

From June 27 to 30, Chew made several share acquisitions in the company via market transactions.

According to bourse filings, Chew, on June 27, purchased 155,000 shares in Raffles Education for a total sum of $9,300, or 6 cents apiece. The purchase had increased Chew’s share in the company by 0.01% to 33.59%.

On June 28, Chew bought 1 million shares from the market for $60,000, again at 6 cents per share, increasing his stake to 33.66% from 33.59% previously.

On June 30, Chew purchased 12.5 million shares from the market for $750,000, or 6 cents per share. This time, Chew’s stake stood at 34.57%, from 33.66% previously.

Separately on June 29, Chua Chwee Koh, an independent director at Raffles Education, purchased 1 million shares from the market for $60,000, or at 6 cents per share. Chua’s purchase saw his stake in the company increase to 0.435% from 0.363%.

Raffles Education had announced on June 7 that it was trying to raise proceeds of over $44 million via convertible bonds.

The sum will go to paying off its debt. The remainder will be used as working capital.

Chew will take up his full allotment and may take up additional rights issue bonds “at his discretion”.

Shares in Raffles Education closed 0.1 cent lower or 1.59% down at 6.2 cents on July 1.

 

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