In today’s Business Times report titled “Raffles Education hopes to shake off recent controversy with growth in K-12 business”, Doris Chung, a Raffles Education executive and wife of the founder, chairman and CEO, was quoted as saying that the K-12 schools do well “because of their ability to capture students for 12 years”. She also said that the K-12 school in Iskandar, Johor, had been doing well... Source

By Mak Yuen Teen On 22 October 2021, SGX Regco issued a set of queries to Raffles Education Corporation (REC) relating to its FY2021 annual report and the audited statement of directors’ emoluments published pursuant to a requisition under section 164A of the Companies Act. One of the queries was about the salary paid to Mr Liu Ying Chun, the company’s “non-executive director” (NED). Mr Liu is CEO... Source

Wall St’s all-time highs helped push the STI above 3,200 Investors in the US focused mainly on earnings, shrugging off rise in bond yields Volume in local market was low, gains not widespread despite index’s rise China’s 3Q at 4.9% came below expectations Sembmarine warned of large loss, stock falls below Temasek’s S$0.08 takeover offer price Raffles Education under investigation by MAS, CAD The STI managed to regain the 3,200 mark lost in August Underpinned by a firm Wall Street where the S&P 500 rose for seven consecutive sessions and reached a new all-time high on Thursday which was then followed by an all-time high for the Dow Jones Industrial Average on Friday, the Straits Times Index enjoyed a relatively firm week, regaining the 3,200 level it had lost about two month

Since 29 July 2021, Raffles Education Corporation ("REC") has plunged by more than 62% from S$1.60 per share to S$0.061 per share as at 18th October 2021. For its financial statements ending 30 June 2021, its auditor BDO LLP has also recently expressed concern on whether Raffles Education can carry on its business as its current liabilities is now more than its current assets. Internally, Raffles Education also faced intense infighting between its 2 majors shareholders. In the latest fiasco, Mr Oei Hong Leong has raised a letter to the Board of Directors expressing his concern over a number of adult family members of Mr Chew Hua Seng working in REC and drawing high salaries. Share prices seems to have dropped further after the circularization of the letter in public.1. Shocking super late

By Mak Yuen Teen On 18 October 2021, Mr Oei Hong Leong, a minority shareholder of Raffles Education Corporation (REC), sent a letter and list of questions to the board and external auditors for the company’s annual general meeting (AGM) to be held on 30 October 2021. He asked that the questions be answered by 25 October before the deadline for the submission of proxy votes for voting... Source

By Mak Yuen Teen On 8 October 2021, Raffles Education Corporation (REC) announced that its auditors, BDO LLP, have included an emphasis of matter paragraph on a Material Uncertainty Related to Going Concern in the Auditor’s Report on the audited financial statements of the Group and Company for the financial year ended 30 June 2021. BDO LLP did not modify its opinion in respect of this matter. Source

About SGBudget2015 In SGBudget2015, there are a lot of measures that benefit most of the Singaporeans in the Middle and Low Income Tier, in area like Personal Income Tax rebate, Childcare and Exam fee rebate. It also come with scheme that help to lighten financial load of Singaporean that taking care of their parent. The list go on, and you can find ton of information online like https://twitter.com/MOFsg or http://www.straitstimes.com/news/singapore/more-singapore-stories/story/singapore-budget-2015-15-things-cheer-about-20150223. What will be more important is to analyst the influence of Budget2015 over Singapore Stock Market. We need such information to empower us and assist us on the path of wealth creation. So let’s get started! Key Influences of SGBudget2015 Govt expenditure