Raffles Education plans 2-for-10 rights issue to repay loans from CEO
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Nisha Ramchandani
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Singapore
RAFFLES Education Corporation is proposing a rights issue to partially repay debt, including loans owed to its chief executive officer Chew Hua Seng.
It is planning to issue up to 275.86 million new shares at an issue price of S$0.10 for each rights share on the basis of two rights shares for every 10 existing shares. It expects to raise up to S$27.44 million in net proceeds.
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