Raffles Education (SGX:NR7) has issued SG$1.8 million in unlisted, non-convertible bonds to its chairman and chief executive officer, Chew Hua Seng, under the seventh tranche of its bond program, according to a Wednesday filing with the Singapore Exchange.
The proceeds will be used to refinance the group's borrowings. Despite efforts to secure external investors, the company allocated the tranche to Chew, who also subscribed to the first tranche.
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