MindChamps buying Buangkok preschool branch from franchisee for S$3.2m
MINDCHAMPS PreSchool Limited will buy the entire shareholding in MindChamps PreSchool @ Buangkok Private Limited (MPB) from franchisee Zhao ShuZhen for S$3.2 million.
The mainboard-listed company's wholly owned subsidiary, MindChamps PreSchool Singapore, will purchase the childcare centre - which is located in the Serangoon North area - using a combination of cash from the group's initial public offering (IPO) proceeds and an acquisition loan.
As at Sept 30, 2018, the book value of MPB stood at S$495,130 and its net tangible asset value was S$438,950.
The company said the acquisition is in the ordinary course of expansion of its business, but it is expected to have a positive impact on its consolidated earnings per share and/or net tangible assets per share for FY2019.
MindChamps shares were down 0.78 per cent, or S$0.005, at S$0.635 as at 3.49pm.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion
FTSE 100 hits record high on big mining M&A, earnings push
Hermes Q1 sales jump 17% on strong China demand
AstraZeneca leaps after smashing Q1 forecasts