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Raffles Education partners CFLD International to set up educational hubs in S-E Asia
MAINBOARD-LISTED Raffles Education Corporation has signed a memorandum of understanding with CFLD International - part of China Fortune Land Development - to develop educational hubs across South-east Asia.
The first hub will be built in CFLD International's Tangerang New City in Indonesia. It will feature a Raffles-owned college and pre-school, and third-party providers will offer enrichment classes like music, dance, arts and drama, and tuition centres.
CFLD International describes itself as an end-to-end, master planner and operator of full-scale "New Industry Cities".
Tangerang New City is positioned to become an advanced manufacturing hub for Indonesia, and is located 20 kilometres from Soekarno-Hatta International Airport and is linked to Jakarta's central business district via a highway.
"Expanding our network is at the core of our strategy and we are pleased to partner CFLD International on this win-win strategy," said Chew Hua Seng, Raffles Education's chairman and chief executive.
"Over the last 15 years, our New Industry Cities have transformed the lives of local communities, not just by catalysing economic growth, but also through building integrated work-live-play urban environments that lift quality of life," said Max Yang, CFLD International's president.
He added that as the group continues to expand across South-east Asia and beyond, he was delighted to have a "trusted partner in Raffles Education" to provide "world-class education" to its New Industry Cities.
Raffles Education ended trading on Tuesday at S$0.171, down 0.58 per cent before the announcement was made.