Raffles Edu shares drop 6.14% after Oei's salvo on rights issue

Singapore

RAFFLES Education's stock fell on Friday by 6.14 per cent to close at S$0.107, following news that tycoon Oei Hong Leong wants a shareholders' meeting to vote to quash the private education operator's over-S$27 million proposed rights issue.

After the company announced a renounceable, non-underwritten rights issue on Dec 6, its stock fell steadily from that day's close of S$0.137 to close on Tuesday at S$0.099, before finishing higher at S$0.115 on Wednesday.