MindChamps completes A$5.5m acquisition of 2 Australian preschools

MINDCHAMPS PreSchool has completed the previously announced A$5.5 million (S$5.5 million) acquisition of two Sydney preschool centres, the early education company said on Monday before the market opened.

The two centres are located at Ropes Crossing and at West Hoxton in the Australian city. Completion of the purchase of two more centres in the Lane Cone and Penrith districts, for A$7.4 million, is still pending, said MindChamps. MindChamps' substantial shareholders include The Business Times' parent, Singapore Press Holdings.

MindChamps used S$1.1 million of its initial public offering proceeds to help fund the acquisition.