ASX Company News: G8 Education Acquires Singapore Cherie Hearts Group


The directors of G8 Education Limited (GEM) are pleased to announce the proposed acquisition of the assets of Cherie Hearts Group International Pte Ltd and its subsidiaries (‘Cherie Hearts’), the largest private provider  of child care centres and kindergarten groups in Singapore.

The Cherie Hearts business will comprise 18 owned child care businesses, 48 franchised child care businesses and majority interests in a training business and an enrichment business.  Additionally 23 franchisees have executed agreements which are awaiting completion. The purchase price is AUD19.23 million.  The transaction will be fully funded from cash reserves and the assumption of AUD5.65 million in existing debt.  The transaction is subject to several conditions precedent including approval from G8 Education’s financier and licensing approvals from the relevant regulatory body in Singapore. Forecast EBIT for The Cherie Hearts Group for calendar year 2011 is AUD4.3 million.

Cherie  Hearts  Group  International  Pte  Ltd  (Cherie  Hearts)  is  the  largest  private  child  care  operator in Singapore. Cherie Hearts offers both an ownership and franchise model. Cherie Hearts provides quality child care and pre school education to children aged between 2 months and 12  years  of  age,  and  offers  bi‐lingual  (English  and  Chinese  Mandarin)  full  day  and  half  day  programs  to children. Cherie Hearts currently caters for approximately 5,000 households in Singapore. There are approximately 849 child care and infant centres in Singapore, with an average of 75 children per centre.  The  department  governing  child  care  services  in  Singapore,  the  Ministry  of  Community Development,  Youth  and  Sports  (MCYS)  has  plans  to  approve  approximately  200  more  child  care  centres across Singapore over the next 5 years. Approximately  half  of  the  centres  in  Singapore  are  operated  by  voluntary  organisations,  and  includes organisations funded by the Singapore government.

www.g8education.com


Via ASX Company News: G8 Education Acquires Singapore Cherie Hearts Group | Online Stockmarket Trading Update
 

FREE HOT VIDEO 1 | HOT GIRL GALERRY 1

FREE HOT VIDEO 2 | HOT GIRL GALERRY 2

FREE HOT VIDEO 3 | HOT GIRL GALERRY 3

FREE HOT VIDEO 4 | HOT GIRL GALERRY 4

FREE HOT VIDEO 5 | HOT GIRL GALERRY 5

FREE HOT VIDEO 6 | HOT GIRL GALERRY 6

FREE HOT VIDEO 7 | HOT GIRL GALERRY 7

FREE HOT VIDEO 8 | HOT GIRL GALERRY 8

FREE HOT VIDEO 9 | HOT GIRL GALERRY 9

FREE HOT VIDEO 10|HOT GIRL GALERRY 10

FREE HOT VIDEO 11|HOT GIRL GALERRY 11