Mainboard-listed MindChamps PreSchool has inked a second master franchise deal since its initial public offering (IPO) last month in a move to take the education company to Vietnam.
The agreement with Vietnam's Evergrande Group involves opening 20 centres in the country, the company said in a statement on Tuesday. The first two - MindChamps PreSchool and MindChamps Reading Centres - are expected to open next year in Ho Chi Minh City and Hanoi, the company's spokesman added.
The company's first deal included expanding into Myanmar and China. In Myanmar, it signed a franchise agreement with Passion Capital Venture and the first centre is expected to open in Yangon next August.
MindChamps' IPO price was 83 cents. The offer of 30.45 million shares included a placement of 28.45 million shares plus a public offer of two million shares. About $34.5 million of the IPO proceeds have been earmarked for expansion. As of yesterday, the group has a market capitalisation of $187.24 million.
20Number of centres MindChamps PreSchool and Evergrande Group will open in Vietnam.
MindChamps was founded as an educational research centre in Australia in 1998. Its first pre-school was opened in Singapore in 2008. Now, it has 10 company-owned and 44 franchisee-operated pre-schools and reading-and-writing centres across Singapore, Australia, the Philippines and the United Arab Emirates.
MindChamps' counter closed at 0.5 cent down to 77 cents.