Raffles Education placing out 95 million new shares to raise $28.5 mil to pare loans

SINGAPORE (Sept 28): Raffles Education Corporation is proposing to sell 95 million new shares at 30 cents each to raise $28.5 million.

The private education provider intends to use 70-80% of the net proceeds from the placement of up to $28.2 million for repayment of loans and borrowings with the rest going towards general working capital purposes.

The placement price represents a discount of 9.04% to the volume weighted average price of 32.98 cents for all trades done on Wednesday.

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