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Raffles Education gets Hong Kong nod for spin-off

PRIVATE education provider Raffles Education Corp said on Friday that it has obtained an 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. This follows a no-objection letter from the Singapore Exchange earlier this month.

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 there is no assurance that the proposed spin-off listing will take place.

Oriental University City owns and leases educational facilities on a site in Langfang city, in China's Hebei province.