Raffles Edu shares drop 6.14% after Oei's salvo on rights issue
Chairman Chew Hua Seng says company taking legal advice on Oei's letter requisitioning an EGM
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.
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