MindChamps PreSchool to acquire all of Buangkok school for around S$3 million

Singapore five-dollar note Photo by Leslie Shaffer

MindChamps PreSchool has entered a deal to acquire all of MindChamps PreSchool @ Buangkok from Zhao ShuZhen for S$3.23 million, the preschool operator said in a filing to SGX at midday Monday.

The acquisition, which is via wholly owned subsidiary MindChamps PreSchool Singapore, will be funded with a combination of cash from the company’s IPO proceeds and an acquisition loan, the filing said.

As of end-September, the Buangkok school’s book value was S$495,130 and its net tangible asset value was S$438,950, MindChamps said.

The purchase price took into consideration existing assets, goodwill, financial position and business prospects of the school, the filing said.

MindChamps said the deal is expected to have a positive impact on consolidated earnings per share and/or net tangible assets per share for the current financial year.

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