Chip Eng Seng ties up with Perse School Cambridge to set up Singapore elementary school

Vintage U.K. five pound noteVintage U.K. five pound note

Chip Eng Seng’s wholly owned subsidiary CES Cambridge (CESC) has entered a deal with The Perse School Cambridge International (TPSCI) to establish an elementary school in Singapore, the Singapore-listed company said in a filing to SGX Wednesday.

The elementary school, which is due to be set up by early 2020, is aimed at students aged six to 11 and may also extend to a secondary school, Chip Eng Seng said.

“The Perse School’s emphasis on quality education both inside and outside the classroom and providing a nurturing pastoral care environment also resonates with the company’s vision for the elementary school,” Chip Eng Seng said.

“In addition, the company intends for the elementary school to be a relatively affordable international school, which is in line with The Perse School’s longstanding commitment to delivering an outstanding education whilst keeping a downward pressure on fee increases,” it added.

Under the deal, CESC will pay certain fixed fees amounting to less than 1 percent of Chip Eng Seng’s net profit and annual fees based on a percentage of total revenue from the school’s operations each academic year, the filing said.

CESC will be responsible for building and operating the school and recruiting students and staff, while TPSCI will provide policy manuals, advise on design of the school, its branding, its curricula and providing quality control, the filing said.

TPSCI and CESC have entered into a 30-year exclusivity agreement not to establish or operate elementary schools in Singapore using a British brand, and the exclusivity will apply if the school is extended to the secondary level, the filing said.

TPSCI is a wholly owned subsidiary of The Perse School, an independent school based in Cambridge, U.K., the filing said.

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