Stake changes: Lim How Teck’s spouse buys 500,000 Raffles Education shares

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Lim How Teck, the lead independent non-executive director of Raffles Education, saw his total interest in the company rise after his spouse acquired 500,000  shares of the company in the market for S$32,800 on Monday, according to a filing to SGX Tuesday.

The purchase increased Lim’s total interest to 0.254 percent from 0.218 percent previously, the filing said.

In October, Lim and certain other directors were required to attend interviews with authorities as part of a joint investigation by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force of a possible offence by Raffles Education under the Securities and Futures Act. Lim was also required to surrender his passport at the time

Raffles Education had said in October the investigation was related to loan facilities from Affin Bank to Raffles K12 Sdn. Bhd. and Raffles Iskandar Sdn. Bhd.

In a late August filing to SGX, Raffles Education said Affin Bank had filed writs related to alleged defaults from the borrowers’ failure to make certain repayments. The company said it had already been in talks with the bank on variation to the repayment terms, even before the writs were filed.

In October, Raffles Education noted none of the individuals had been arrested or charged with any offence and so would continue in their roles. The individuals who attended interviews were Chairman and CEO Chew Hua Seng, Lead Independent Non-Executive Director Lim How Teck, Non-Independent Non-Executive Director Joseph He June, Independent Non-Executive Director Ng Kwan Meng and then-Independent Non-Executive Director Gan Hui Tin, as well as Doris Chung Gim Lian, a director and key management of Raffles K12 and Raffles Iskandar and spouse of Chew, the company said in October.

Lim is currently the chairman of investment and consultancy company Redwood International and chairman of ARA LOGOS Logistics Trust, Heliconia Capital Management and Aetius SEA Acquisition Corp., according to Raffles Education’s website.

He was also with shipping industry player NOL group from 1979 to 2005, where he held various roles including deputy CEO and executive director, the website said.

Raffles Education holds a network of 18 colleges and universities in 10 Asia Pacific and European counties. The company also has a Hong Kong-listed subsidiary, Oriental University City (H.K.), which leases education facilities to 12 vocational and technical colleges, Raffles Education’s website said.