Raffles Education says it has received an originating summons from tycoon and substantial shareholder Oei Hong Leong and Oei Hong Leong Art Museum on Sept 29.
The summons was brought against the company in the Singapore High Court.
In the summons, Oei is seeking to inspect the originals or documents related to the proposed acquisition of 35.9% shareholding interests in Langfang Hezhong Real Estate Development, listed in the company’s circular dated Sept 8.
According to Raffles Education, Oei is also seeking answers before voting on the proposed resolution in relation to the proposed acquisition.
In the same summons, Oei has requested for an injunction to prevent the company from voting or proceeding with the proposed acquisition.
Raffles Education says it has also received a summons for injunction to prevent any acts or meetings related to the proposed acquisition from happening. It adds that the summons for injunction has been dismissed by the High Court on Sept 30 before its extraordinary general meeting (EGM) on the same date.
The interim injunctions were not granted, and the EGM proceeded as usual.
Raffles Education says it intends to defend the originating summons “vigorously” and called the summons is “unmeritorious and groundless” given the dismissal of the summons for injunction.
On Feb 26, Oei lost the lawsuit it brought against Raffles Education chairman Chew Hua Seng over an alleged promise by Chew to find a buyer to take over Oei’s shares in the company.
See: Oei Hong Leong wants to oust Chew Hua Seng again and Raffles Education CEO Chew Hua Seng refutes CAD claims by Oei Hong Leong
Oei has previously attempted to call for an EGM twice in August seeking to remove Chew as chairman and CEO. He has also increased his stake in the company twice in September, bringing his total interest to 13.4%.
See: Oei Hong Leong increases stake in Raffles Education, causes share price to rise by over 20% and Oei Hong Leong buys a further 3.7 mil shares in Raffles Education, increases stake to 13.4%
As at 10.33am, shares in Raffles Education are trading 0.1 cent higher, or 0.8% up, at 13.1 cents.
