RAFFLES Education Corp is selling its 51 per cent stake in China university operator, Langfang Development Zone Oriental University City Sino-Singapore Education Investment Co, for 420 million yuan to an individual, Liu Yanwen.
The company, which runs private schools in Asia, believes the financial position of the university operator is"unlikely to improve in the near future" and is looking to maximise the cash return to the group with the disposal, barring unforeseen circumstances.With the sale of its stake, the net gain on the disposal is expected to be around S$41.6 million, before income tax. Net loss attributable to sale equity interest is around S$218,000.
The second tranche payment of 294 million yuan must be paid by Sept 30, 2020, or extended to Sept 30, 2022 with the written consent of Raffles Education under certain conditions. Raffles Education will also not be required to pay any sums to Mr Liu, unless he returns a portion of the sale amount before the date of transfers. This may amount to an asset usage fee of 40 million yuan per annum; 50 million yuan in liquidated damages payable to Raffles Education; or all costs and expenses incurred in the option to transfer exercise.
Source: News Formal (newsformal.com)
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