Raffles Education Limited (NR7) has expanded its share base following the partial conversion of its 2022 series of convertible bonds.

The company said on January 15, 2026 that bondholders had exercised conversion rights over S$61,511 in principal amount of the notes at a fixed conversion price of SGD0.065 per share, leading to the allotment of 946,321 new ordinary shares on January 6, 2026.

With the new issue, Raffles Education’s issued share capital has risen to 1,530,389,404 shares from 1,529,443,083 previously. The conversion simultaneously reduced the outstanding principal of the convertible bonds from S$39.48 million to S$39.42 million.

The conversion shares will be listed and quoted on the SGX Mainboard on January 16, 2026, with trading set to begin at 09:00 a.m. under the same ISIN as existing shares. All newly issued shares rank pari passu with the company’s current ordinary shares.

The notes in question were issued under a trust deed dated August 30, 2022 that governs both a rights issue and a placement tranche of convertible bonds undertaken by the education services provider.