Raffles Education scraps $27.4 mil rights issue in view of recent market conditions, share price falls

SINGAPORE (Mar 6): Raffles Education Corp is cancelling its proposed 2-for-10 rights issue, which would have allowed the group to raise up to about $27.4 million in net proceeds after raising 275.9 million new shares at the issue price of 10 cents per share.  

Citing “recent market conditions”, the group also notes that its current share price is currently below the 10-cent issue price of the rights shares.

Prior to the midday trading break, shares in the group were down by 2 cents or 18.2% in the year to date (YTD) at 8.8 cents.

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