MindChamps to buy Sydney pre-school for $2.9m

MindChamps founder and chief executive officer David Chiem with some of the pre-school group's children.
MindChamps founder and chief executive officer David Chiem with some of the pre-school group's children.PHOTO: MINDCHAMPS

MindChamps PreSchool is buying a pre-school in Sydney, for A$2.97 million (S$2.9 million)

The pre-school is in the northern beach suburb of Warriewood.

MindChamps said yesterday that it will fund the purchase via a combination of cash from its initial public offering and a loan.

The acquisition is expected to have a positive impact on MindChamps' earnings per share for the financial year ending Dec 31.

MindChamps operates 10 childcare centres across New South Wales in Australia.

Among its substantial shareholders is Singapore Press Holdings, the parent company of The Straits Times.

MindChamps shares last traded on Monday, finishing at $0.625.

A version of this article appeared in the print edition of The Straits Times on October 31, 2018, with the headline 'MindChamps to buy Sydney pre-school for $2.9m'. Print Edition | Subscribe