MindChamps partners developer to expand in Australia

MindChamps PreSchool has partnered property developer Malek Family to expand in Australia.

Under this tie-up, Malek Family has purchased the rights to develop 10 new purpose-built MindChamps childcare centres in New South Wales and Victoria, the pre-school operator announced in a bourse filing yesterday.

Mr David Chiem, MindChamps' founder chief executive and executive chairman, said the company's "partnership with local property developers who are experts in the childcare sector is a win-win for both parties".

"While we focus on ground-breaking, high-quality education and research, they know the best locations and can obtain all the necessary licenses required to build these centres," he added.

MindChamps now has over 80 centres globally, including 23 in Australia. Its other overseas locations include Vietnam, the Philippines and Malaysia.

The company's Australia operations brought in half of the total revenue for fiscal 2019, up from 32 per cent a year ago.

The company said the growth in its Australian operations can be seen from the percentage increase in MindChamps' Australian revenue, from 32 per cent of total revenue in financial year (FY) 2018 to 50 per cent in FY2019.

MindChamps shares closed 1.64 per cent lower at $0.30 yesterday.

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A version of this article appeared in the print edition of The Straits Times on June 30, 2020, with the headline MindChamps partners developer to expand in Australia. Subscribe