Raffles Education expands university chain to emerging market Sri Lanka

Raffles University Sri Lanka to cost S$25m.

In a release, private education provider Raffles Education Corporation Limited (RafflesEducationCorp) announced that its wholly-owned subsidiary, Raffles Assets (Private) Limited, has signed an investment agreement with the Board of Investment of Sri Lanka (BOI), to establish Raffles University Sri Lanka.

The Group has also received approval for the establishment of the University from the Ministry of Higher Education, Sri Lanka (MOHE). 

This investment is estimated to cost approximately S$25 million to be invested over 5 years and is in line with RafflesEducationCorp’s plan to develop its University Group.

RafflesEducationCorp currently owns four university-level institutions in Australia, China, India and Malaysia. This new addition would enhance the Group’s footprint of university level institutions.

Mr Chew Hua Seng, Chairman and CEO of RafflesEducationCorp, said, “Sri Lanka is an emerging market filled with opportunities. With economic growth, there will be increased demand for university education. We are delighted that we are welcomed to participate in the transformation of Sri Lanka’s tertiary education sector. With our years of experience, we are committed to play our part to train industry-relevant professionals to meet the needs of industry. ”

Raffles Assets (Private) Limited was incorporated in Sri Lanka with an issued and paid-up capital of S$4 million.

The transaction is not expected to have a material impact on the earnings per share or net tangible assets of the Company and the Group for the current financial year. None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the transaction.