SG brief: Raffles Education and Affin Bank

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Raffles Education said Tuesday that Affin Bank has sent letters of offer to the company’s wholly owned subsidiaries Raffles K12 and Raffles Iskandar with revised terms for repayment of outstanding debts.

Under the terms, both subsidiaries will pay off the aggregate MYR294.46 million in debts through 2025, the company said in a filing to SGX.

Raffles Education said it would fully fund the amounts via positive cash flow generation from its operations, the disposal of assets totalling S$34.2 million, the proposed disposal of the 51 Merchant Road property and the ability to tap the capital markets.

Read more: Raffles Education: CAD to arrest certain directors, including Chairman Chew, in Affin Bank investigation