Raffles Education Says 37 Million Yuan Sale Proceeds for Hefei Yuren Education Still Unpaid
MT Newswires11-05
Raffles Education (SGX:NR7) said the 37 million yuan due as final cash consideration for the disposal of its entire stake in Hefei Yuren Education Management remains unpaid by the buyer, despite a formal payment demand, according to a Wednesday filing to the Singapore bourse.
The company's shares were down over 2% in Thursday's trade.
The amount became unconditionally due on Aug. 31, under the sale and purchase agreement. The sellers issued a letter of demand on Sept. 23, requiring payment within seven days, but have yet to receive the funds.
The company said it is taking legal steps to recover the outstanding amount, along with overdue interest, costs and damages, up to the extent recoverable.
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