Raffles Education Unit Receives Letter of Demand for MYR54 Million Payment in Arbitration Loss

MT Newswires

Aug 07

Raffles Education's (SGX:NR7) Malaysian unit, Raffles K12, has received a letter of demand seeking payment of 54.4 million ringgit, after losing an arbitration dispute with contractor Pembinaan Mitrajaya over the construction of the Raffles American School campus in Johor, Malaysia.

The demand covers a principal sum of 40.5 million ringgit, interest of 12.2 million ringgit, and costs of 1.6 million ringgit, with payment requested by Aug. 21, according to a Friday Singapore Exchange filing.

The company said the amount and deadline are in line with the final arbitration award announced on July 29.

Raffles Education said it is reviewing the award with its Malaysian lawyers and plans to challenge it in court.

The group is also assessing the financial impact of the award and said it will provide updates if there are material developments.

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