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Chip Eng Seng to open elementary school in Singapore
CHIP Eng Seng Corporation's wholly-owned subsidiary CES Cambridge (CESC) has entered into an agreement with The Perse School Cambridge International (TPSCI) to set up an elementary school in Singapore by early-2020.
TPSCI is a wholly-owned subsidiary of The Perse School, an independent school in Cambridge, United Kingdom.
The school will cater to students aged six to 11, and may also extend to a secondary school. The agreement will take effect from July 3, and will continue for an initial term up to the end of the 50th academic year, unless terminated or further extended by the parties, said Chip Eng Seng in a filing to the Singapore Exchange.
As part of the agreement, CESC and TPSCI have granted to each other a mutual exclusivity for 30 years not to establish and operate elementary schools in Singapore using a British brand. TPSCI has also granted to CESC the right to use certain trademarks, including the name "Perse School", its crest logo and certain intellectual property rights of TPSCI and The Perse School.
Meanwhile, CESC will pay certain fixed fees which will amount to less than 1 per cent of the total comprehensive income of the company and its subsidiaries and less than 1 per cent of the group's profit attributable to the company's shareholders for the financial year ended Dec 31, 2018, and annual fees calculated based on a percentage of total revenue from the operations of the elementary school for each academic year.
Chip Eng Seng said: "The company recognises that The Perse School has rich historical and cultural roots, while being innovative at the same time. 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."
The company added that it intends for the school to be a "relatively affordable international school".