Raffles Education subsidiary prevails in first phase of Singapore High Court suit

SGX Filings

05/21

Raffles Education Limited announced that the General Division of the High Court of Singapore has ruled in favour of its wholly owned unit, Raffles Assets (Singapore) Pte. Ltd., in the first tranche of a lawsuit filed by NPS International School Pte. Ltd. over a proposed lease of the property at 51 Merchant Road.

The court dismissed NPS’s claim for the return of a 0.50 million Singapore dollars deposit and found that NPS breached a July 2023 Letter of Intent. Raffles Assets’ counter-claim was allowed, with damages—currently estimated by the subsidiary at about 29 million Singapore dollars—to be assessed in a later hearing.

The liability phase of the case was heard on Feb, 3 2026 to Feb, 5 2026, Feb, 10 2026 to Feb, 12 2026 and concluded on May, 20 2026, when oral judgment was delivered by Justice Andre Maniam. Raffles Education said it will provide further updates as material developments arise.

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