Oei Hong Leong wants Raffles Education's chairman out

His interest in the company dipped after a recent placement of 95 million shares.

Tycoon Oei Hong Leong called for an extraordinary general meeting (EGM) of Raffles Education's shareholders to oust current chairman Chew Hua Seng.

According to an announcement filed at the SGX, Oei wants to know the identities of the subscribers to a recent placement of 95 million shares.

The placement announced on 28 September enlarged Raffles Education's share capital to 1.06 billion shares.

This reduced Chew's stake in the company from 36.88% to 33.58%.

Oei also bought 1,065,300 shares on 11 October, as part of a "completion of placement of 95 million new Ordinary shares by the Company and Securities via market transaction."

However, this placement brought his interest in the company down from 14.04% to 12.88%.

Oei also called for the appointment of one of the independent directors of the company as chairman.