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MindChamps inks second franchise deal abroad since IPO, eyes Vietnam market

MindChamps founder CEO and executive chairman, David Chiem (left), and chairman and CEO of Evergrande Group, Pham Tuan Son (right)

MAINBOARD-LISTED MindChamps PreSchool Limited has inked a second master franchise since its initial public offer (IPO) in November, with plans to take the education firm to Vietnam this time round. Its previous franchise deal included expansion plans in Myanmar and China.

In its statement on Tuesday, the company said that it has signed a master franchise agreement with Evergrande Group in Vietnam, and intends to open 20 centres there.

A company spokeswoman added that the group expects to "open their first two MindChamps PreSchool and the MindChamps Reading Centres in Ho Chi Minh (City) and Hanoi in 2018".

The firm previously entered into a franchise agreement with Passion Capital Venture to launch centres in Myanmar, and the first centre is expected to open in Yangon in August 2018.

MindChamps had an IPO price of 83 Singapore cents. The offer of 30.45 million shares included a placement of 28.45 million shares to investors that was 21.4 times subscribed; and a public offer of two million shares, which were subscribed 83 times over. About S$34.5 million of the IPO proceeds have been earmarked for expansion.

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As at 12.20pm on Wednesday, the counter was trading 0.645 per cent or 0.5 Singapore cent lower at S$0.77 per share. Some 38,700 shares were traded. As at Dec 20, the group has a market capitalisation of S$187.24 million.

Founded in Australia in 1998, MindChamps has 10 company-owned and 44 franchisee-operated preschools and reading-and-writing centres across Singapore, Australia, the Philippines and the United Arab Emirates.

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