Singapore Exchange Regulation (SGX RegCo) has issued a query to Raffles Education after its shares spiked up to as high as 15.1 cents on September 8, at 2.33pm, representing a 32.5% jump from its last closed share price of 11.4 cents the day before.
During the period, around 5.6 million shares changed hands, compared to the 755,000 units traded on September 7.
The market regulator has asked the company if it is aware of any information that could cause the spike in price and trading volume. It has also asked the company to confirm its compliance with the listing rules.
Raffles Education, on September 7, announced that it will be holding its EGM on September 30, at 10am, for shareholders to vote on the proposed acquisition of a 35.9% stake in Langfang Hezhong Real Estate Development Co. The consideration sum of the acquisition came up to RMB254 million ($50.0 million).
Raffles Education was in the news recently when Oei Hong Leong, a substantial shareholder, made yet another attempt to oust chairman and CEO Chew Hua Seng from the company.
Oei, on September 1, sent in a requisition notice for the company to hold an extraordinary general meeting (EGM) with a list of resolutions for shareholders to vote upon. The removal of Chew as chairman and CEO was among the list.
See: Raffles Education CEO Chew Hua Seng refutes CAD claims by Oei Hong Leong
The company previously received the same notice on August 17.
See: Oei Hong Leong wants to oust Chew Hua Seng again
There was no mention of Oei's request in this latest EGM notice by the company
As at 3.38pm, shares in Raffles Medical were trading 3 cents higher, or 26.3% up, at 14.4 cents, with 5.66 million shares changed hands.
