Stocks to watch: Raffles Education, Fraser and Neave

THE following companies saw new developments that may affect trading of their securities on Friday (Jun 3):

Raffles Education (REC): The group on Friday said that recent allegations which were filed against certain REC current and former directors as well as employees and associates are “without basis and without merit”. REC intends to “rigorously defend its position” against these allegations for offences which include theft, forgery and extortion. According to the group, its legal counsel in India has advised that there is a “good chance” of having the case quashed. The counter closed unchanged at S$0.061 on Thursday.

Fraser and Neave (F&N): The mainboard-listed beverage company’s subsidiary Fraser & Neave Holdings Bhd (F&NHB) and Cocoaland have requested trading suspensions on Bursa Malaysia, pending announcements. F&NHB owns a 27.65 per cent stake in Cocoaland, according to the latter’s 2021 annual report. Singapore’s F&N closed 0.7 per cent or S$0.01 lower at S$1.36 on Thursday.