Eco World signs MoU with Brainy Bunch
PETALING JAYA: Eco World Development Group Bhd has entered into preliminary agreements with an education provider for the setting up of Islamic schools in two locations.
The memoranda of understanding (MoU) between Eco World and Brainy Bunch International Islamic Montessori will see the latter acquiring land in two of EcoWorld’s projects in Selangor and Johor.
Brainy Bunch plans to purchase land in EcoWorld’s Eco Grandeur development in Shah Alam to develop its international Islamic school campus. The private education provider also plans to develop a montessori kindergarten campus in EcoWorld’s Eco Tropics project in Iskandar Malaysia.
While the cost and other details for the land acquisition are yet to be decided, EcoWorld’s president and chief executive officer Datuk Chang Khim Wah said it would be finalised by year-end.
“We are excited to be working on this new collaboration with Brainy Bunch to provide high quality education to our community as well as the surrounding communities in two EcoWorld’s largest township.
“Our collaboration with Brainy Bunch is synergistic as we share similar objectives,” he told reporters after the MoU signing ceremony.
Brainy Bunch, which aims to be listed by 2020, is the fastest growing Islamic montessori school in Malaysia. Founded in 2010, the private education provider currently operates 74 pre-school campuses nationwide.
Its founder and chief executive officer Mohd Fadzil Hashim said Brainy Bunch is targeting to support a total student capacity of 30,000 by 2020. Currently, it has a total student population of 6,000.
“Last year, we achieved a total revenue of RM35mil from our pre-school segment alone. In 2017, we aim to reach RM40mil in revenue. Moving forward, we target to achieve a top line of RM100mil by 2020.
“We are also planning to be listed by 2020. At present, we are part of the Skim Jejak Jaya Bumiputera (SJJB), which aims to facilitate potential bumiputra companies to launch their initial public offerings,” said Mohd Fadzil.
SJJB is jointly managed by Bumiputera Agenda Steering Unit (Teraju) and Ekuiti Nasional Bhd.
Brainy Bunch currently operates two schools in Singapore, one in Indonesia and a charity school in Gaza, Palestine. It also plans to venture into Australia and the Middle-East in the long run.