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”) and its subsidiaries (the “Group”) for the financial year ended 30 June 2022.

FY 2022 continues to be a difficult year; even though the borders of many countries have just opened and we are beginning to see higher enrolment numbers, the borders of our biggest market, the People’s Republic of China (PRC), remain closed. With the continued closure of the PRC borders, enrolment numbers of our colleges which are dependent on the PRC for their students, are suffering.

In spite of the headwinds, we seek to grow our revenue, to streamline and to restructure our operations so as to adapt to the new normal brought about by the COVID-19 pandemic. The Group will need to remain nimble in the face of ever-changing global economic environment in the coming years. Over the coming years, the Group’s focus is to strengthen our financials and to return to paying dividend(s) to our shareholders.

To further strengthen the financial position of the Group, the Company had, on 7 June 2022, announced the issuance of a renounceable underwritten rights issue of convertible bonds and a placement of convertible bonds which will raise estimated net proceeds of SGD37.7 million. The issuance of these convertible bonds is in progress.

The Group intends to reduce its debt to a low level through disposal of certain of its assets, so as to reduce bank borrowings and the interest on borrowings. This capital optimisation initiative is an on-going process.

I would like to thank our Board for their guidance and wise counsel in the last financial year. I would like to take this opportunity to welcome BG (Retd) Chua Chwee Koh who joined the Board with effect from 4 March 2022 as an independent and non-executive director.

I would also like to thank all staff for their continued unwavering dedication and invaluable contributions to the Group throughout these difficult times.

Most importantly, I would like to extend our appreciation to our shareholders for their strong support and to our students and their parents for entrusting us with 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.