Bagir Group Ltd Acquisition (0787J)
June 26 2017 - 2:00AM
UK Regulatory
TIDMBAGR
RNS Number : 0787J
Bagir Group Ltd
26 June 2017
26 June 2017
Bagir Group Limited
("Bagir" or the "Company")
Completion of Ethiopian acquisition
Bagir (AIM: BAGR), a designer, creator and provider of
innovative tailoring, is pleased to announce it has completed the
acquisition of the remaining 50% shareholding in Nazareth Garments
("NGSC"), the joint venture owner of its manufacturing site in
Nazareth, Ethiopia, for a total consideration of US$1.9 million
(the "Acquisition").
The Acquisition was first announced on 6 February 2017 and at
that time the Acquisition was conditional on, amongst other things,
certain procedural share registrations in Ethiopia and capital gain
tax clearance on the sellers of NGSC (the "Sellers"). All
conditions have now been met and the acquisition has been
completed.
Eran Itzhak, Chief Executive Officer, commented, "Since 6
February 2017 we have been able to progress our plans to expand
capacity at this excellent site alongside completing the
transaction. Ethiopia, in time, is expected to become the primary
manufacturing base for the Group as it combines scalable production
with market leading cost and tax efficiencies enabling us to make a
compelling case to global retailers to choose to work with
Bagir."
Enquiries:
Bagir Group Limited
Eran Itzhak, Chief Executive Officer +44 (0) 1483
Udi Cohen, Chief Financial Officer 751577
N+1 Singer (Nominated Adviser &
Broker) +44 (0)20 7496
Alex Price 3000
Novella Communications (Financial
PR)
Tim Robertson +44 (0)20 3151
Toby Andrews 7008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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