Oei calls for EGM on Raffles Edu rights issue
Exercise supposed to be covered by a share issue mandate approved by shareholders at AGM on Oct 29
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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
HCA beats first-quarter profit estimates on higher patient admissions
F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years
LMIRT Q1 net property income dips 3.1% to S$30 million on higher expenses
Exxon misses on Q1 profit despite big gains in Guyana
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
Chevron's quarterly profit beats estimates