Raffles Education
Raffles Education. Company's website.

Shares in Raffles Education fell as much as 12.5 percent to S$0.28 on Friday after billionaire shareholder Oei Hong Leong withdrew application to remove Founder and Chief Executive Chew Hua Seng from the firm.

Raffles Education, an operator of colleges and universities, last month requested for an extraordinary general meeting (EGM) on behalf of Oei Hong Leong and Oei Hong Leong Art Museum. The meeting was scheduled for November 29.

The EGM was convened to remove Chew, who is also the firm's chairman, and be replaced by an independent director as non-executive chairman of the company.

Oei, who owns about 13 percent in the company, had not given any reasons for wanting to remove Chew.

"The company wishes to announce that it has received from the requisitioning members a letter
withdrawing the requisition notice," the company said in a statement on Thursday.

At 0245 GMT, Raffles Education shares were down 7.8 percent at S$0.29 on the Singapore Exchange. The stock has surged 54 percent over the past one year. Trading volume jumped to 6.8 million shares compared to a 30-day average of 5.4 million.