Business briefing

Raffles Education up 11.7% after HK nod for spin-off

SHARES in Raffles Education Corp rose 3.5 cents, or 11.7 per cent, to end at S$0.335 on Friday after the private education provider announced in the afternoon that it had received in-principle approval from the Stock Exchange of Hong Kong (SEHK) for the proposed listing of its subsidiary Oriental University City Holdings (HK) on the Growth Enterprise Market (GEM) board.

Formal and final approval from SEHK is subject to the fulfilment of documentary requirements within prescribed time limits, and approval for the contents of its prospectus. The firm noted that the spin-off listing is also subject to prevailing market conditions and that there is no assurance that it will take place. Oriental University City owns and leases educational facilities on a site in Langfang city, in China's Hebei province.