ONE loss-making education group has proposed to acquire another.
Raffles Education, which last week posted a net loss for the nine months ended March 31, said in a Singapore Exchange filing on Wednesday morning that it has inked a deal to buy a company that owns and operates the Sante Fe University of Art and Design in the United States.
The estimated consideration that Raffles Education will pay via its subsidiary to the seller, LEI Holdings US-1, will be US$1.00 before adjustments, it said. It did not disclose the post-adjustment estimated consideration in its filing.
It noted that Santa Fe University of Art and Design had a net tangible asset value of US$6.13 million and had made a net loss of US$7.57 million as at June 30 last year.
Raffles Education said the acquisition would let it expand into the US.