First Capital (01269) to form JV with MindChamps PreSchool

    China First Capital Group (01269) said it entered into a joint venture agreement with MindChamps PreSchool Limited.
  The parties will establish a fund which has an investment objective of establishing and acquiring preschools in the People's Republic of China and operating them under the "MindChamps" brand. The fund will be owned by China First Capital and MindChamps PreSchool as to 50% each. The fund targets to raise an initial tranche of US$200 million from the offering and sale of limited partnership interests to limited partners of the fund. 
  The parties will also establish a new company, which will be owned by China First Capital as to 51% and MindChamps PreSchool as to 49%, for the purposes of being appointed as MindChamps PreSchool's master franchisee in the PRC to facilitate, among others, the operation, training and upgrading of the newly established or acquired preschools under the "MindChamps" brand in the PRC. 
  MindChamps PreSchool is the largest operator and franchisor of premium range preschool centres in Singapore. It is listed on the Main Board of the Singapore Exchange Securities Trading Limited (CNE.SI).