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MindChamps partners developer for 10 new childcare centres in Australia
MINDCHAMPS PreSchool on Monday said it has partnered property developer Malek Family to expand its footprint in Australia.
Malek Family has purchased the rights to develop 10 new purpose-built MindChamps childcare centres in New South Wales and Victoria, the preschool operator said in a regulatory filing after midnight.
David Chiem, MindChamps' founder chief executive and executive chairman, said the company's "partnership with local property developers who are experts in the childcare sector is a win-win for both parties".
While MindChamps focuses on quality education and research, the developers will know the best locations and can obtain all necessary licences needed to build the centres, he said.
To date, 23 out of 80 of MindChamp's centres globally are located in Australia. The company's Australia operations brought in half of the total revenue for fiscal 2019, up from 32 per cent a year ago.
MindChamps shares closed one Singapore cent or 3.2 per cent lower at 30.5 cents on Friday.