RAFFLES EDUCATION CORPORATION MERGES HUIZHOU AND GUANGZHOU COLLEGES- Merger in line with Group’s efforts to streamline southern college operations and improve efficiencies
Singapore, July 30, 2008 – Mainboard listed Raffles Education Corporation Limited(“RafflesEducationCorp” or “the Group”), the largest private education group in the Asia-Pacific region, has merged the operations of its college in Huizhou, Raffles H.U. International College (“RHU”), with its college in Guangzhou, LaSalle International Design College (“RGZ”), as part of its restructuring exercise for its southern college operations. Students from RHU have been transferred over to RGZ, and will continue to pursue the same programmes which they started with in RHU.
Said Mr Chew Hua Seng, Chairman and CEO of RafflesEducationCorp: “With both colleges in close proximity, we felt that it would be wise to merge the colleges to streamline operations and benefit from cost savings.” The Group embarked on a restructuring exercise early this year to consolidate its colleges in the region. This came on the back of delisting plans for Hartford Education Corp Limited and China Education Limited, both of which has been completed. The merger exercise is not expected to have a material impact on the earnings of the Group in FY2008.
No comments:
Post a Comment