Raffles Education Corp has entered into two agreements to acquire up to 50% in Raffles College of Higher Education (RKL), a provider of training programmes and courses in design and management.
It currently has a stake of 20% in RKL.
Under the the first agreement, it is to acquire 464,000 shares, or 29%, in RKL from Doris Chung Gim Lian for RM8.38 million ($2.86 million). Chung is the wife of Chew Hua Seng, CEO of Raffles Education Corporation.
The second agreement is a conditional share purchase agreement to buy 336,000 RKL shares, or 21%, in RKL for around RM6.07 million. This is conditional upon the approval of the Ministry of Education of Malaysia. If it receives approval, this would lift its stake in RKL to 70%.
Independent advisory firm RSM Strategic Business Advisors valued RKL at between RM28.9 million and RM36.1 million as at July 1 last year.
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It currently has a stake of 20% in RKL.
Under the the first agreement, it is to acquire 464,000 shares, or 29%, in RKL from Doris Chung Gim Lian for RM8.38 million ($2.86 million). Chung is the wife of Chew Hua Seng, CEO of Raffles Education Corporation.
The second agreement is a conditional share purchase agreement to buy 336,000 RKL shares, or 21%, in RKL for around RM6.07 million. This is conditional upon the approval of the Ministry of Education of Malaysia. If it receives approval, this would lift its stake in RKL to 70%.
Independent advisory firm RSM Strategic Business Advisors valued RKL at between RM28.9 million and RM36.1 million as at July 1 last year.
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