Raffles Education

Raffles Education: RAWA Investments, a wholly owned subsidiary of Khazanah, is exercising its put option to sell a 10% stake in OUC back to Raffles Education. This follows the failure of Raffles Edu to list OUC by Aug 31 this year, a term agreed by the two parties in an earlier 2010 share sale transaction. As consideration, Raffles Edu will be paying Rawa Rmb400m (inclusive of Rmb100m break fee), which will be funded by internal resources and borrowings. OUC owns Oriental University City in Hebei province, China, which provides education services to eight colleges with a total student population of 24,000 within the campus. Based on FYJun13 numbers, Raffles Edu NTA will fall from $0.415 to $0.39.