Raffles Education

Raffles Education sinks 6.8% to new low of $0.275 since Mar 09 on strong volume of 47m shares, extending yesterday's 3.3% fall, as sale by substantial shareholder prompts other investors to dump shares. Sentiment already edgy following decision by HK-based private equity group AIF Capital not to take 10% stake in the company's Oriental University City. Latest disclosure of Janus Capital Mgm cutting its stake in REC to 5.95% from 6.01% fuelled selling pressure.