April 16, 2017 / 10:51 PM / 3 months ago

BRIEF-Raffles Education Corp updates on arbitration

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April 17 (Reuters) - Pdf 1: Raffles Education Corporation Limited:

* Proposed Acquisition Of Remaining Shares Not Currently Owned In Erhel

* refers to rec's announcements dated 12 march 2015, 16 september 2015 and 16 oct 2015 respectively

* arbitration tribunal delivered its final award in arbitration on 31 march 2017

* tribunal concluded Educomp has breached spa by failing to complete sale and purchase transaction.

* tribunal concluded raffles subsidiaries are to be awarded damages amounting to Rs 16.32 crore for educomp's breaches of spa

* tribunal concluded Educomp is to bear costs of arbitration

* Raffles subsidiaries will not be completing sale and purchase and will be taking steps to proactively enforce terms of award in relevant jurisdictions Source text for Eikon: Further company coverage:

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