Dear Shareholders,


On behalf of the Board of Directors (the “Board”), I am pleased to present the Annual Report and Audited Accounts of Raffles Education Limited (the “Company”) together with its subsidiaries (the “Group”) for the financial year ended 30 June 2023.


In FY2023, with the reopening of PRC borders, we are beginning to see higher enrolment numbers in our colleges and schools in China and Southeast Asia. As we continue adapting to the new normal, we seek to grow our revenue, to streamline and to restructure our operations


To further strengthen the financial position of the Group, the issuance of convertible bonds valued at SGD44.1million was completed on 30 August 2022, and raised net proceeds of SGD37.8million. On 10 August 2023 the Group allotted and issued 5,000,000 conversion shares to Bondholders at SGD0.065 per ordinary share, following conversion of Convertible Bonds of SGD325,000.


In a continuous effort to reduce the Group’s debt to a low level and optimise the Group’s capital, the Group had on 21 March 2023, entered into an agreement to dispose the Property located in Langfang Development Zone, Hebei, PRC, for a total consideration of RMB100million. Additionally, on 4 July 2023 the Group entered into an agreement for the sale of 75.39% of the issued share capital of 4 Vallees Pte. Ltd. to Oriental University City Holdings (H.K.) Limited (“Purchaser”) at a consideration of CHF11,479,000.


In line with the above, on 21 June 2023, the Group announced the Proposed Sale of its property at 51 Merchant Road, Singapore 058283 and is currently engaged in ongoing negotiations with a few prospective buyers


The Group remains committed to effectively managing operating costs and business risks to stay competitive. We believe that our experience and capabilities in the education and education related property management and development businesses will help us navigate challenges ahead.


Appreciation and acknowledgment

On behalf of the Board of Directors, I would like to express my heartfelt appreciation to our employees for their passion and dedication that remains the driving force behind the Group’s success.


I would also like to express my sincere gratitude to my fellow members of the Board for their stewardship in assuring the highest standards of governance, supervision and direction on strategic matters that are essential to the Group.


To all our shareholders I thank you for your confidence, trust, and continued support through these years. their education.


Stay safe and healthy.



Mr. CHEW Hua Seng

Chairman and CEO




CEO’s Message was extracted from Annual Report 2022 publication. Information is correct at the point of print.