MindChamps shares tumble 24.8% on Monday afternoon; prompting SGX query

SHARES in MindChamps PreSchool sank by as much as 24.8 per cent to 38 Singapore cents on Monday afternoon, hitting a new 52-week low, and prompting a query from the Singapore bourse.

In response, MindChamps said that it is unaware of any possible explanation not previously announced by the company that might explain the "unusual price movements", and that it is in compliance with the Singapore Exchange listing rules.

The counter traded at 48.5 Singapore cents by the closing bell on Monday, down two cents from its previous close, and below its 52-week low of 49 cents.

Last week, MindChamps announced that it is divesting its centre at Changi Business Park for S$1.03 million in cash, to franchisee Yirong Education to operate.

Following the completion of the transaction, MindChamps PreSchool @ Changi Business Park is expected to continue operations at the centre under the franchise agreement, in which Yirong Education will pay royalties to MindChamps.

MindChamps is partially owned by Singapore Press Holdings, which publishes The Business Times.