SINGAPORE - Singapore Press Holdings (SPH) has bought a stake in preschool and enrichment provider MindChamps Holdings.

This marks the media company's first investment into the education business.

SPH told the Singapore Exchange in a statement on Aug 20 that its unit has paid around $12 million in cash for 110,000 shares in MindChamps Preschool (Worldwide).

That works out to a 22 per cent stake in the firm, which operates and franchises early childhood education and enrichment programmes, SPH said.

MinChamps Preschool was founded in 2008. It now has more than 20 pre-school outlets across the island.

Its rapid expansion has been helped by its franchise business modeI which lets independent operators - or "franchisees" - open their own centres under the MindChamps brand.

The company was named Singapore's Franchisor of the Year by the Franchising and Licensing Association (Singapore) in October last year.

SPH previously bought car portal sgCarMart in April last for about $60 million. It also invested in restaurant booking website Chope in March last year.

SPH shares closed a cent higher at $4.14.