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Singapore tycoon Oei Hong Leong ups stake in Raffles Education to 14% for $1.2m Photo: Pixabay May 3, 2021 Singapore billionaire Oei Hong Leong has spent about $1.2 million to raise his stake in listed private education provider Raffles Education to 14% from 13.5%, about eight months after he sued the company, according to a disclosure. The filing, first reported by Bloomberg, showed that Oei purchased about 6.4 million shares to raise his stake to 14% of the company’s voting shares. He is currently the second-biggest shareholder of the education provider. The acquisition comes after Oei sued Raffles Education Corp on September 30 over its plan to raise its stake in a Chinese property firm. Days later he dropped the suit and the shareholders of Raffles Education approved the proposed acquisition, with 78.6% voting in favour and 21.4% against.

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