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Raffles Education sets Nov 29 for EGM; tycoon Oei wants chairman removed
RAFFLES Education Corp has called for an extraordinary general meeting (EGM) at 9.30am on Nov 29 to vote on the removal of the company's founder, chairman and chief executive Chew Hua Seng.
Shareholders at the EGM will also be asked to vote on a resolution to force the disclosure of the identities and the number of shares placed to each of the people who received stock in the company's recent placement of 95 million new shares.
A third vote will be held on appointing one of the company's independent directors as a non-executive chairman or if none of the present independent directors are willing to accept the appointment, to direct that the board search for a suitable outside candidate.
The EGM will be held at the Cinnamon Room, Level 5, Novotel Singapore Clarke Quay, the company said in a pre-market filing on Thursday.
Last month, tycoon Oei Hong Leong, who has amassed a stake of more than 10 per cent in Raffles Education, served notice that he would ask for Mr Chua's ouster from the company.
Mr Chew was then the company's largest shareholder with a 33.58 per cent stake, down from 36.88 per cent before the placement.
Mr Oei gave no reasons for his move to remove Mr Chew, but he is a long-time shareholder in Raffles Education. Lately, he scooped up more shares in a series of market purchases that revived speculative interest in the stock and boosted its share price.
He brought his stake up to 14.04 per cent, but this was diluted to 12.88 per cent after the placement.