MindChamps PreSchool said on Monday it entered an interested person transaction to buy all of the electronic books and related applications and software from its 90 percent-owned subsidiary Family Online for S$989,841.
That gives MindChamps exclusive use of the e-books, it said in a filing to SGX after the market close on Monday.
Previously, the e-books were used under a non-exclusive licence from Family Online, but the possibility they could be licensed or disposed of to other parties was considered to not be in the best interests of the parent company, MindChamps said.
“Furthermore, the company intends to upgrade the technology and content of the e-books, including engaging a prominent artist to re-create the visuals in the e-books,” the filing said. “By acquiring the e-books from Family Online, the company would be able to invest in making such improvements to the e-books, exclusively own such improved e-books for use as part of its business and explore potential new revenue streams for the improved e-books.”