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Updated Friday, October 12, 2007 0:00 am TWN, Bloomberg

Raffles Education buys Chinese university

SINGAPORE -- Raffles Education Corp., a Singapore- based private education provider with 26 schools in Asia, will buy China’s Oriental University City Development Co. for S$392 million (US$267 million). Oriental University develops, operates and manages colleges and a university in China, Raffles Education said in a statement to the Singapore stock exchange today.

The acquisition will enable Raffles to expand in China, one of its fastest-growing markets. Today’s announcement is the company’s second purchase this year, after it bought 24 percent of Easycall International Ltd. for about S$262 million.

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