Raffles Education Limited announced on Sep, 25 2026 that it has received approval in-principle from Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of up to 538,927,784 new shares at 0.065 Singapore dollars per share.

The shares will be issued upon the exercise of detachable warrants that form part of a proposed package of new unlisted, non-convertible unsecured bonds with warrants. These securities will be offered to a controlling shareholder and his associate as consideration for the Company’s planned purchase and cancellation of its existing listed convertible bonds.

SGX-ST’s approval is conditional on Raffles Education obtaining specific shareholder approvals where applicable, including situations involving share placements to interested persons, potential transfers of controlling interest, or pricing at a discount exceeding 10 per cent of relevant benchmarks.

The approval remains effective for three months from Sep, 25 2026, unless the securities are placed within seven market days following shareholder approval, if required.

Raffles Education said it will issue a circular with full details of the transactions and convene an extraordinary general meeting in due course. The company cautioned investors that there is no certainty the proposed transactions will be completed.