Raffles Education leads most active pack on SGX with 60.8 million shares traded; closes 23.4% higher

Counter hits peak of S$0.133 on Monday; volume is 4 times its average daily figure

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.

Shares of Raffles Education ended Monday 23.4 per cent or S$0.025 higher at S$0.132, after about 60.1 million securities were transacted.

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.

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