MindChamps buying Buangkok preschool branch from franchisee for $3.2m
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MindChamps PreSchool Singapore will purchase MindChamps PreSchool @ Buangkok Private Limited from franchisee Zhao ShuZhen using a combination of cash from the group's initial public offering proceeds and an acquisition loan.
PHOTO: MINDCHAMPS
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SINGAPORE - MindChamps PreSchool Limited will buy the entire shareholding in MindChamps PreSchool @ Buangkok Private Limited (MPB) from franchisee Zhao ShuZhen for $3.2 million.
The mainboard-listed company's wholly owned subsidiary, MindChamps PreSchool Singapore, will purchase the childcare centre - which is located in the Serangoon North area - using a combination of cash from the group's initial public offering (IPO) proceeds and an acquisition loan.
As at Sept 30, 2018, the book value of MPB stood at $495,130 and its net tangible asset value was $438,950.
The company said the acquisition is in the ordinary course of expansion of its business, but it is expected to have a positive impact on its consolidated earnings per share and/or net tangible assets per share for FY2019.
MindChamps shares were down 0.78 per cent, or $0.005, at $0.635 as at 3.49pm.
