Shares in Raffles Education Corp fell as much as 3.1% after the Singapore company lost an appeal to resume its operations in Vietnam.
The shares were down 2.0% at $0.48, with more than 9.5 million shares traded, about 3.9 times the full-day average trading volume traded over the past five days.
The education services provider said it would reorganise its Vietnam operations and apply for new licences, a move it said was likely to have a material impact on its earnings per share for the year ending June 30.
The company had suspended its operations in Hanoi and Ho Chi Minh since January following a temporary directive from Vietnam's Ministry of Education and Training.
Since then, its discussions with Vietnamese authorities to resume operations were unsuccessful. It said it was looking to transfer more than 400 Vietnam students to its colleges in Singapore, Sydney and Phnom Penh.
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