Hot stock: Raffles Education up as much as 19.7% after disclosures

SHARES of mainboard-listed Raffles Education NR7 were actively traded in the morning session on Friday (Oct 22) after a 3-day trading halt was lifted on the counter.

It reached a high of S$0.073 as at 9.45 am, up S$0.012 or 19.7 per cent.

No married deals were recorded, according to ShareInvestor data.

As at the midday break, shares of the private school operator were up S$0.011 or 18 per cent at S$0.072, and the counter was among the top 5 traded stocks by volume with some 36 million shares changing hands.

The share price movement comes after Raffles Education on Oct 21 announced that its directors were involved in an investigation by the Monetary Authority of Singapore and the Commercial Affairs Department over disclosure issues.

In the same filing, it also refuted allegations made by shareholder Oei Hong Leong regarding the group's executive pay.

On Oct 19, Oei informed Raffles Education of his sale of 38.9 million shares on the open market, accounting for 74.4 per cent of the trading volume on Oct 18. His stake in the company has now fallen to 7.3 per cent from 10.2 per cent.