MindChamps unit to sell preschool for S$800,000 to Yirong Education
MINDCHAMPS PreSchool Singapore, a unit of enrichment and childcare service provider MindChamps, has entered an agreement to sell one of its preschools for S$800,000 in cash, the mainboard-listed firm announced in a Saturday bourse filing.
The school being sold is MindChamps UPT, which is fully owned by MindChamps PreSchool. The buyer is Yirong Education, which had also previously bought MindChamps PreSchool @ Changi Business Park, and currently owns and operates the preschool as a MindChamps franchisee.
The selling price is above MindChamps UPT's book value of S$417,259 and net tangible assets value of negative S$106,199, as at end-October. The sale is expected to have a positive impact on MindChamps' financial results for the year ending December 2021.
Shares of MindChamps closed flat at S$0.30 on Friday.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Stocks to watch: Singtel, Venture Corp, ARA H-Trust, YHI International, LHN
Optus names National Broadband Network’s Stephen Rue as incoming chief
More than 90% of stablecoin transactions aren’t from real users, study finds
RBA to keep key rate at 12-year high as inflation stirs anew
Buffett praised Apple after trimming it, drops Paramount stake
Westpac net profit falls 16%, announces additional A$1 billion buyback