STOCKS | Staff Reporter, Singapore

Tycoon increases stake in Raffles Education

Raffles Education shares are at their highest since April 2018.

Tycoon and Singapore businessman Oei Hong Leong has raised his stake in Raffles Education Corporation Limited, a private-school operator.

Local media reports that he has been in dispute with Raffles Education since 2017. He was also said to have sued the company last year.

According to a Singapore Exchange filing on May 1, Oei bought 6.4 million shares to increase his holdings to 14% of the company's voting shares.

Prior to the purchase, Oei held 13.5% of the company.

The company's shares rallied as high as 31% on April 30. According to Raffles Education, it was not aware of any undisclosed information that would have prompted this kind of trading activity.

The stock closed 3.6 Singaporean cents or 22% higher at 20 cents. This is its highest recorded increase since April 2018.

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