Raffles Education: to form a JV with Al Rushaid Petroleum Investment Co. The JV will provide education services to certain countries in the Middle East including establishing and operating universities, primary, secondary and tertiary educational institutes and education related consultancy services…
Plans in the pipeline include a vocational training center for hospitality & tourism and retail management for the Saudi government and colleges for Design& Business in Jeddah and Riyadh.
The JV coy will have a share capital of $660k of which their new subsidiary will contribute 50%.
Stock currently trades at 14.5X P/E. Street has a range of ratings on stock with wide TP ranging btwn $0.45 - $0.90...
Technical outlook however does not look too good, as stock has been on a long term downtrend. Stock now trading at 5 yr lows (chart adjusted for 3-into-1 consolidation).
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