SINGAPORE (THE BUSINESS TIMES) - Raffles Education Corp has been requested to convene an extraordinary general meeting to remove founder Chew Hua Seng from his official appointments at the mainboard-listed private school.
Oei Hong Leong together with his firm Hong Leong Art Museum, who collectively own a combined stake of over 10 per cent, sent a notice of requisition to Raffles Education on Friday.
They asked it to table a resolution to fire Mr Chew from the board as well as his other official positions including being the chief executive officer, alleging that the founder is unfit to be a director. They alleged that Mr Chew acted improperly in an earlier share placement, and the company's China subsidiaries conducted their operations improperly including transactions relating to Langfang Hezhong Real Estate Development.
Raffles Education noted the requisition and allegations had been made earlier in 2017 and 2020, and that Mr Oei and his firm had dropped their application for an injunction to restrain it from proceeding with a shareholders' meeting to approve the acquisition of 35.9 per cent shareholding interest in Langfang.
Raffles Education is taking legal advice on the notice of requisition and will make further announcements as and when necessary, it said in a regulatory filing on Saturday.
Its shares closed S$0.161 on Friday, on a gain of 0.5 Singapore cent, before this announcement was made.