MindChamps acquires Punggol Northshore centre for $3.8 mil

MindChamps acquires Punggol Northshore centre for $3.8 mil

By: 
Michelle Zhu
22/03/19, 02:54 pm

SINGAPORE (Mar 22): MindChamps PreSchool’s Singapore subsidiary is fully acquiring MindChamps PreSchool @ Punggol Northshore from the centre’s owner, known as Chen Han, for a total consideration of $3.79 million.

In a filing on Friday, MindChamps PreSchool says the latest acquisition comes in line with its plans to expand its business.

The transaction will be funded with a combination of cash from its initial public offering (IPO) proceeds as well as an acquisition loan.

The group also expects the deal to have a positive impact on its earnings per share (EPS) for the current financial year ending Dec 2019.

MindChamps PreSchool @ Punggol Northshore is located at Level 1 of Marina Country Club.

According to a Jan 2016 blog post by MindChamps, the outlet spans 15,000 sq ft and is the group’s largest preschool centre at the time of publishing with an eco-garden and outdoor playground, among other facilities.

As at 2.46pm, shares in MindChamps are trading flat at 61 cents.

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