In the same announcement, Raffles Education said its net current liabilities position “will not likely pose material uncertainty” on itself as a going concern.
Lim How Teck, lead independent director of Raffles Education, has bought one million shares of the company from the market earlier today (Oct 12) at 8.8 cents each, doubling his stake to two million shares.
Lim, a former executive director of Neptune Orient Lines, bought the shares days after the company on Oct 8 disclosed that its auditors flagged material uncertainty on the education provider’s ability to continue as a going concern, given how its liabilities for year ended June 2021 is greater than current assets by nearly $200 million.
