MindChamps completes A$5.5m acquisition of 2 Australian pre-schools

MindChamps used $1.1 million of its initial public offering proceeds to help fund the acquisition.
MindChamps used $1.1 million of its initial public offering proceeds to help fund the acquisition.PHOTO: ST FILE

SINGAPORE - MindChamps PreSchool has completed the previously announced A$5.5 million (S$5.5 million) acquisition of two Sydney pre-school centres, the early education company said on Monday (June 18) before the local stock market opened.

The two centres are located at Ropes Crossing and at West Hoxton in the Australian city. Completion of the purchase of two more centres in the Lane Cone and Penrith districts, for A$7.4 million, is still pending, said MindChamps. MindChamps' substantial shareholders include The Straits Times' parent, Singapore Press Holdings.

MindChamps used $1.1 million of its initial public offering proceeds to help fund the acquisition.