PRIVATE education provider Raffles Education Corp called for a trading halt on Wednesday pending the release of an announcement, as its shares continued their rise from the day before.
The counter gained 19.3 per cent or 2.9 Singapore cents to 17.9 cents before the trading halt was called at 11.26am. Shares of Raffles Education had climbed 31.6 per cent on Tuesday to finish at 15 cents. On Tuesday, Raffles Education said it was not aware of any reasons for the"unusual price movements". It was responding to queries from the Singapore Exchange earlier that day asking if the mainboard-listed company was aware of any information not previously announced concerning the company, its subsidiaries or associated companies which might explain the trading.
The company said it was not aware of any explanation for the unusual trading activity, and confirmed its compliance with the listing rules and Mainboard Rule 703 in particular. Last week, Raffles Education said it had received a notice of requisition from several shareholders - including Indian edtech businessman Shantanu Prakash and tycoon Oei Hong Leong - calling for a special auditor to be appointed to review the circumstances surrounding the company's joint venture with Mr Prakash's India-listed Educomp Solutions, on concerns of wrongdoing including alleged forgery and extortion.
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