SINGAPORE (Apr 8): MindChamps Preschool Limited is acquiring eight more early learning centres in Sydney, Australia, for a total of A$40.84 million ($39.3 million) from Malek Family Pte Ltd and Malek Group Investments Pty Ltd.
The centres are located across six suburbs of the city, namely: Mascot, Parramatta, Albion Park, West Hoxton, Kemps Creek and Shellharbour.
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See: MindChamps acquires 4 preschool centres in Sydney for $13.1 mil
In a Sunday filing, MindChamps says its latest acquisition is expected to have a significant positive impact on its earnings per share (EPS) for the current financial year.
This will bring the group’s early learning centres in Australia to 20, and a total of 82 preschool and enrichment centres globally, it adds.
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The acquisition will be funded through a combination of cash raised from MindChamps’ IPO proceeds as well as an acquisition loan.
"MindChamps began as a research team in Sydney in 1998, and now, having proven the success of our breakthrough early childhood education model, I am proud to be able to bring it back to Australia where it first began, to make a difference to the development of young minds here,” says David Chiem, founder, CEO and executive chairman of the group.
Shares in MindChamps closed 0.76% lower at 65 cents on Friday.
