MindChamps Preschool on Wednesday signed agreements with investment firms China First Capital Group and Hillhouse Capital ahead of its planned initial public offering (IPO) on the mainboard of the Singapore Exchange.
MindChamps, which offers premium early childhood and enrichment programmes in Singapore, Australia, the Philippines and the United Arab Emirates, has it entered into a cornerstone subscription agreement with China First Capital Group.
As part of the deal, China First will subscribe for a 4.99 percent stake in MindChamps, a financial commitment that is not expected to exceed S$11 million, it said.
MindChamps Preschool, in which Singapore Press owns a 22 percent stake, might be near a initial public offering valued at S$200 million, Bloomberg reported last month.
The companies also plan to operate preschools and kindergartens under the "MindChamps" brand in China, including Hong Kong, as well as in Australia and the United States.
China First Capital Group, a Hong Kong-listed company, has diversified from automotive parts business into education operation business.
