Oei calls for EGM on Raffles Edu rights issue

Singapore

TYCOON Oei Hong Leong wants Raffles Education Corporation to hold a shareholders' meeting to vote on terminating the over-S$27 million rights issue meant primarily to repay loans owed to chairman and chief executive Chew Hua Seng.

According to a letter to Raffles Edu's board of directors dated Dec 13 and seen by The Business Times, Mr Oei also wants the company to confirm by Monday that no further action on the rights issue will be taken until the EGM is held.