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Raffles Education names new director; shareholders approve property sale
RAFFLES Education has appointed Liu Ying Chun, the chief executive of its subsidiary Oriental University City Holdings HK (OUCHK), as a non-executive, non-independent director, the Mainboard-listed company announced in a bourse filing on Sunday.
Mr Liu, who resides in China, was recommended by the nominating committee for his strong background in the country's education sector, Raffles Education said in the filing. Mr Liu will also serve as a member of the risk management committee.
Mr Liu joined OUCHK, which is listed in Hong Kong, in 2010 and was appointed an executive director in 2014. He is also registered as a valuer with the China Appraisal Society and an auditor accredited by the National Audit Office of China.
Separately, at an extraordinary general meeting on Saturday, 99.88 per cent of votes cast by shareholders present were in favour of the company's proposed sale of the land plot at 1-3 Fitzwilliam Street, including the commercial building, located in New South Wales, Australia.
Back in September, Raffles Education announced that its unit, Raffles Assets Asia, had entered an agreement with a third party to sell the property for A$80 million (S$74.7 million). Raffles Education had bought the property back in 2014 for A$29 million.
Shares of Raffles Education closed down 0.1 cent to S$0.084 on Friday.