SINGAPORE (July 4): Chip Eng Seng’s wholly owned subsidiary, CES Cambridge (CESC) has entered into an agreement with The Perse School Cambridge International (TPSCI) regarding the establishment of an elementary school in Singapore.

TPSCI is a wholly owned subsidiary of The Perse School, an independent school in Cambridge, United Kingdom.

In an announcement on Wednesday night, Chip Eng Seng noted that The Perse School has rich historical and cultural roots, while being innovative at the same time, with an emphasis on quality education both inside and outside the classroom.

The elementary school is due to be set up by early 2020, and will cater to students aged from 6 to 11. An extension to a secondary school is also possible.

As part of the agreement, CESC and TPSCI have granted to each other a mutual exclusivity for 30 years not to establish and operate elementary schools in Singapore using a British brand.

CESC will also pay certain fixed fees amounting to less than 1% of Chip Eng Seng’s comprehensive income and net profit attributable to shareholders.

CESC will be responsible for the recruitment of students, and the construction and operations of the school, while TPSCI will be responsible for the provision of policy manuals and appointment of key staff.

Shares in Chip Eng Seng closed at $0.72 on Wednesday.