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RAFFLES Education Corp (REC) substantial shareholder Oei Hong Leong has sued the company in relation to its plan to raise its stake in a Chinese property firm .
Tycoon Mr Oei, who owns 13.05 per cent of REC, and his firm Oei Hong Leong Art Museum have commenced an originating summons in the High Court of Singapore, the mainboard-listed private education provider said in a filing late Wednesday night.
Through the lawsuit, Mr Oei is seeking to obtain a declaration that the plaintiffs are entitled to inspect certain originals or be provided with certain documents set out in paragraph 2.1 of REC’s circular dated Sept 8.
The circular was for the proposed acquisition of a 35.9 per cent interest in REC’s joint venture (JV) Langfang Hezhong Real Estate Development for about 254 million yuan (S$49.2 million) in cash.
An REC subsidiary held a 34.1 per cent interest in the Chinese property firm as at July 16, while Langfang Heying Real Estate Development owned the remaining 65.9 per cent.
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