Raffles Education subsidiary invests $5.4mn in Aussie property firm

SINGAPORE - Oriental University City Holdings, a subsidiary of main-board listed Raffles Education Corp, has announced an investment of A$5.2 million (S$5.4 million) in Australian property development company Axiom, the company announced on Friday.

Oriental University, which has a 14.9 per cent stake in Axiom at A$3.678 mn, will subscribe for an additional A$1.54 million of new Axiom shares to raise its total stake in the firm to 19.90 per cent.

The price of the new shares will remain at 6 Australian cents per share.

The Axiom investment is touted as a way for Oriental University to expand its student housing business into Australia.