Yahoo Finance Raffles Education disposes of Swiss property for CHF11.5 mil
Raffles Education is disposing off its asset in Switzerland to a subsidiary for CHF11.5 mil.
Raffles Education announced it is disposing it’s entire 75.39% of the issued share capital of 4 Vallees to Oriental University City Holdings (HK) for CHF11.48 million ($17.3 million).
Oriental University is a Hong-Kong-listed investment holding company whose business is principally engaged in the leasing of education facilities, comprising primarily teaching buildings and dormitories to education institutions.
Oriental University is 75% owned by Raffles Education Nr7 and is a subsidiary.
4 Vallees is a private limited company incorporated in Singapore on July 2, 2014 and has an issued and paid-up share capital of about $11.5 million. Its principal business activities relate to investment holding of properties, holding, renting, leasing and managing of properties. As at July 5, 4 Vallees is a direct subsidiary of Raffles Education and the group directly holds 75.39% of the issued share capital of 4 Vallees.
The major asset of 4 Vallees is the property situated in Nendaz, Switzerland, which is part of the 4 Vallees ski area, the largest ski intersection in Switzerland.
The property comprises a hotel with indoor and outdoor parking lots with a total gross floor area of 5,910 sqm; and seven commercial units with a total gross floor area of 911 sqm in Nendaz, Switzerland.
Shares in Raffles Education last traded at 5.5 cents on July 4.
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