Raffles Education Corp
Raffles Education Corp website

Raffles Education Corp, an operator of colleges and universities, said its chairman had been approached by various parties regarding his shareholding but no agreement has been reached.

Shares in the company fell as much as 8 percent on Thursday to S$0.245.

Raffles Education Chairman and Chief Executive Officer Chew Hua Seng was approached by various parties proposing various options regarding his shareholding in the company but no definitive agreement has been entered into and all these discussions have ceased, the company said in a statement on Wednesday.

Raffles Education also said that it received notification of shares purchases by its substantial shareholder, Oei Hong Leong.

Singapore-based Raffles Education has a vast network of 25 colleges and universities across 13 countries

At 0330 GMT, Raffles Education shares were trading down 5.7 percent at S$0.25 on the Singapore Exchange. The stock has gained 32 percent so far this year.