Raffles Education shares dive as Oei's letter to board circulates in market

Singapore

THE stock of mainboard-listed Raffles Education (REC) was hammered to new lows on Monday (Oct 18) as the market got wind of a letter by tycoon Oei Hong Leong to the company's board.

The stock dived 26 per cent or S$0.021 to close at S$0.061 in the wake of a letter from Oei asking why REC's chief executive officer (CEO) and founder Chew Hua Seng had hired "all adult members of his family at high salaries".