Oei Hong Leong seeks to oust Raffles Education chairman

TYCOON Oei Hong Leong has requisitioned an extraordinary general meeting (EGM) to oust Raffles Education chairman Chew Hua Seng.

Mr Oei and his investment vehicle, Oei Hong Leong Art Museum Ltd, put in their request on Oct 12, Raffles Education announced on Thursday after the market closed.

Mr Oei is seeking to remove Mr Chew from his position and replace him with one of the independent directors who will serve as a non-executive chairman.

If none of the independent directors are willing to accept the appointment, Mr Oei seeks to direct the board to search for a suitable person to be appointed as a non-executive chairman.

Mr Oei also wants the company to disclose the identities of those who have received stock from and the number of shares issued to each of these people during a recent placement of 95 million shares.

The 95 million shares, which were issued and allotted on Tuesday at an issue price 30 Singapore cents, represent 8.96 per cent of the company's enlarged share capital.

Mr Oei, who has been picking up shares in the private college operator from the market over the past year, currently holds a 12.88 per cent stake in Raffles Education. He most recently acquired 1.07 million shares from the open market for S$360,007.48, or about 33.79 Singapore cents per share on Tuesday. Despite his purchase, his interest in the company was diluted from 14.04 per cent as a result of the placement.

Mr Chew and his spouse Doris Chung have a combined 33.57 per cent stake in the company following the placement.

Raffles Education conducted its annual general meeting at 11am on Friday at Novotel Singapore Clark Quay.