SINGAPORE - MindChamps PreSchool on Monday (Feb 26) announced it has used part of the proceeds from its initial public offering (IPO) to purchase MindChamps PreSchool @ Woodlands for S$1.31 million.

The company's wholly owned subsidiary, MindChamps PreSchool Franchise, entered into a share purchase agreement with Ting Keng Soon and Theresa Khiu Si Min to purchase all the shares in MindChamps PreSchool @ Woodlands.

The purchase price will be wholly satisfied in cash from the company's IPO proceeds, said the company.

As at Dec 31, 2017, the book value of MindChamps PreSchool @ Woodlands was S$285,109 and its net tangible asset value was S$273,518.

The acquisition is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the group for the financial year ending Dec 31, 2018, said the company.