(Yicai Global) Feb. 11 -- RYB Education, a Chinese kindergarten operator, will acquire overseas assets and change its name to diversify its business. The firm was caught in a scandal of alleged child abuse in 2017.
RYB will pay CNY125 million (USD18.5 million) to buy nearly 70 percent stake in a Singaporean privately owned child education group, the Beijing-based firm said in a statement on Feb. 9, without disclosing the name of the target company. RYB will change its name to GEH Education.
RYB and the target company will cooperate in international bilingual courses and education management to offer services to kids aged from zero to six years, co-founder and Chief Executive Shi Yanlai said.
RYB got listed on the New York Stock Exchange in September 2017. The firm's stock price [NYSE: RYB] has fallen over 70 percent from its all-time peak in October 2017 to close at USD8.11 on Feb. 8.
Editor: Emmi Laine