Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Raffles Education at 8-year low after rights issue plan

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STOCKS NEWS SINGAPORE-Raffles Education at 8-year low after rights issue plan Aug 28th 2012, 02:12 Mon Aug 27, 2012 10:12pm EDT Shares of Raffles Education Corp Ltd fell to an eight-year low after the Singapore education services provider announced a rights issue plan and a net loss of S$59.3 million ($47.4 million) for the financial year ended June. Raffles shares fell as much as 8.1 percent to S$0.34, the lowest since August 2004. More than 2 million shares changed hands, 2.2 times the average full-day volume over the past 30 days. "There is some concern about dilution because of the rights issue, and their main business seems to be facing a lot of difficulties," said a trader. Raffles said late on Monday it plans to issue up to 170.9 million rights shares at S$0.14 each, on the basis of one rights share for every five existing shares held by certain shareholders. The company also announced last week that it swung to a net loss of S$59.3 million for its 2012 fiscal year from a net profit of S$13.2 million a year earlier. Raffles expects its business in China to continue being affected by challenging operational conditions in the country. Its operations in Vietnam had also been suspended, the company said. (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 1.2517 Singapore dollars)

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