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SINGAPORE: Shares of mainboard-listed private education group, Raffles Education, jumped on Wednesday.
At one point during the morning trading session, its share price went up by as much as 6 Singapore cents or 17 per cent to 40.5 Singapore cents. It was also the top volume counter as of Wednesday afternoon.
Investors are snapping up Raffles Education after it announced on Tuesday that Malaysia's state investment firm Khazanah is taking a stake in its asset.
Khazanah will pay S$62.5 million to take up a 10 per cent strategic investment in Raffles Education's Oriental University City (OUC).
OUC - a wholly-owned subsidiary of Raffles Education - has a 3.3 million square-metre campus in China's Hebei Province.
Upon completion of the transaction, Raffles Education and Khazanah intend to list OUC on or before 31 August 2013.
- CNA/sc
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