In an article published in the 15 December 2018 edition of the Business Times on the Raffles Education rights issue, joint managing partner Thio Shen Yi commented: “Mr Oei opposes the rights issue as he would have to stump up more cash to maintain his shareholding percentage, whereas Mr Chew can just convert his debt to equity and not come up with fresh cash.”

He added: “As it’s a rights issue, no EGM is required for the company to issue shares to CHS to settle the shareholder’s loans he’s made to the company; any other transaction structure would have required an EGM at which Mr Chew, being an interested party, would not be able to vote.”

Link to article here (BT Paywall)