(Hong Kong, 26 October 2017) – China First Capital Group Limited (“CFCG” or the “Group”; stock code: 1269), has announced its wholly-owned subsidiary CFCG Investment Partners International (Singapore) Pte. Ltd. (“CFCG Singapore”) has signed a Cornerstone Subscription Agreement with MindChamps PreSchool (Worldwide) Pte. Limited (“MindChamps PreSchool”) to subscribe 4.99% issued shares of MindChamps PreSchool. The offer price is to be determined by MindChamps PreSchool and CFCG’s related financial commitment shall not exceed SGD11 million (approximately HK$63 million).
Incorporated in 2008, MindChamps PreSchool is the largest premium preschool education centre operator and franchisor in Singapore. It offers premium early childhood and enrichment programmes for children aged between two months to 10 years in Singapore, Australia, the Philippines and the United Arab Emirates. Its early childhood as well as Reading and Writing centre operation currently comprises six company-owned-and-operated centres and 44 franchisee-owned-and-operated centres, and it is planning to be listed on the Main Board of the Singapore Exchange Securities Trading Limited. According to the Agreement, CFCG Singapore and Hillhouse Capital Management, Ltd. will become exclusive partners of MindChamps PreSchool and will invest in, acquire, build or manage preschools, kindergartens or otherwise engage in any early childhood care or early childhood education businesses under the “MindChamps” brand in Mainland China for a period of no less than 10 years.
Dr. Wilson Sea, Chairman and Executive Director of CFCG, said “The early childhood education sector has been at the centre of global attention in recent years, and in Singapore particularly, the early childhood education market is booming hence boasts high investment value. MindChamps PreSchool in Singapore has a clear positioning, allowing it to not only benefit from the growth momentum of the industry, but also build a brand that enjoys an excellent reputation in the early childhood education industry, allowing it to claim the first-mover position in the premium preschool education market. The Cornerstone Investment and Cooperation will enable the Group to expand into the early childhood education industry, which will complement rollout of its global education market development strategy. As MindChamps PreSchool is operating on a mature business model, our hope is to pursue in-depth strategic cooperation with it, aligning its core competitive advantages with our existing resources that we may push at full force development of our early childhood education business.”