MindChamps to acquire 50 percent of MindChamps PreSchool @ Concorde Hotel (Orchard)

MindChamps PreSchool outlet at Singapore’s Marina Square mallMindChamps PreSchool outlet at Singapore’s Marina Square mall

MindChamps PreSchool Singapore, a wholly owned subsidiary of Mindchamps PreSchool, has entered a deal to acquire 50 percent of MindChamps PreSchool @ Concorde Hotel (Orchard) from Kabir Raiyan for S$100, the school operator said in a filing to SGX Friday.

MindChamps PreSchool Singapore will also subscribe for 4,750 convertible non-redeemable Class-A preference shares in MindChamps PreSchool @ Concorde Hotel (Orchard) for S$100, the filing said.

The consideration amounts were arrived at after taking into account the existing assets, financial position and business prospects of the target, MindChamps said.

The book value and net tangible asset value of MindChamps PreSchool @ Concorde Hotel (Orchard) were negative S$2.02 million as of end-September, based on the unaudited management accounts, MindChamps said.

Kabir Raiyan will continue to hold a 50 percent stake in MindChamps PreSchool @ Concorde Hotel (Orchard), making it a joint venture company, the filing said.

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