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Hot stock: Raffles Education tumbles 8.6 per cent as CEO offloads to meet SIC terms

Chew Hua Seng, Founder, Chairman & CEO, Raffles Education Corp.

SHARES of Raffles Education Corporation fell 8.6 per cent, or 2.5 cents, to S$0.265 each at 1:32 pm when trading resumed on Thursday.

Trading resumed at 1.30 pm after its chairman and chief executive officer, Chew Hua Seng, said he would be selling one million of the education company shares.

After the sale, Mr Chew and his wife, Doris Chung Gim Lian, will collectively hold 356.08 million Raffles Education shares, representing a 36.57 per cent stake.

Raffles Education shares have been suspended from trading since October, pending an application by Mr Chew with the Securities Industry Council with regard to his shareholding in the company.