Merrill Lynch becomes substantial shareholder of MindChamps

MINDCHAMPS Preschool, the largest operator and franchisor of premium-range preschool centres in Singapore, has gained a new substantial shareholder in Merrill Lynch International.

The bank acquired a 5.05 per cent stake, or 12.2 million shares, in the Mainboard-listed firm on Nov 24, as part of its international prime brokerage business, MindChamps said in an exchange filing on Wednesday.

MindChamps made its trading debut on the Singapore Exchange last Friday, when it closed nearly 11 per cent higher than its offer price of 83 cents.

The stock closed at 89 Singapore cents on Wednesday, down 2.5 cents or 2.7 per cent.