Raffles Education leads most active pack on SGX with 43 million shares traded; price jumps 24%

[SINGAPORE] Raffles Education led the pack of actives on the Singapore Exchange (SGX) on Monday (Dec 15).

The counter surged as much as 24.3 per cent, gaining S$0.026 to a peak of S$0.133 as at 2.44 pm. It later pared some gains to stand at S$0.13 as at 3.40 pm.

More than 43.6 million shares had exchanged hands as at that time, dwarfing the volumes of other actives like Aoxin Q&M , Marco Polo Marine and Singtel . This was also four times the counter’s average daily trading volume.

Last Thursday, Raffles Education completed the fourth tranche of a S$1 million bond issuance to Ng San Tiong as part of a wider capital-raising exercise first announced in June. The total proposed bond issuance was S$10 million, of which 40 per cent has been completed.

Earlier this month, it also sold its 51 Merchant Road property for S$121.8 million. Despite the price tag being S$30.9 million below market value, the company logged a S$53 million gain from the sale. The buyer was a joint venture between Elevate Capital and LaSalle Investment Management.