Raffles Education

Raffles Education / Oriental Century: Fate of troubled Oriental Century hangs in balance after proposed RTO of school operator ISS Holdings fell through, with issues arising from audit of ISS Holdings. Under the proposed scheme of arrangement, Raffles Edu, which holds 29.9% of Oriental Century, was to take a 50% stake in ISS Holdings before ISS entered into RTO with Oriental Century. Creditors of Oriental Century were to be paid with new ISS shares….

However Raffles Edu noted it was not able to reach an amicable resolution with ISS Holdings in regards to the audit of ISS financial statements and both parties have decided not to proceed with the sale and purchase agreement. It is unclear if SGX will consider a new restructuring proposal from Oriental Century.