RAFFLES Education Corp, a Singapore-based private education provider with 28 schools in Asia, will buy China's Oriental University City Development Co for S$392 million (US$267 million), pushing the stock to a record.
The acquisition of Oriental, which develops, operates and manages colleges and a university in China, will enable Raffles to expand in one of its fastest-growing markets. Yesterday's announcement is the company's second purchase this year, after it bought 24 percent of Easycall International Ltd for about S$262 million.