Raffles Education Unit Wins Singapore High Court Lease Case Against NPS International School

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Raffles Education Unit Wins Singapore High Court Lease Case Against NPS International School

MT Newswires05-21 11:51

The High Court of Singapore made a first tranche ruling in favor of Raffles Education's (SGX:NR7) subsidiary, Raffles Assets (Singapore), in a lawsuit brought by NPS International School, according to a Thursday bourse filing.

The dispute stems from a letter of intent, pursuant to which NPS had agreed to lease a commercial property owned by Raffles Asset. NPS later sued the subsidiary and sought a refund of its SG$500,000 deposit.

In its initial phase determination, the court, ruling in favor of Raffles Assets, declared that NPS had breached the LOI. Raffles Assets' counterclaim for damages of around SG$29 million will be determined during a separate assessment of damages hearing.

Shares of the education services provider were up over 2% in Thursday trading.

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