Bagir Group Ltd Update on Strategic Partnership (9551U)
July 18 2018 - 2:00AM
UK Regulatory
TIDMBAGR
RNS Number : 9551U
Bagir Group Ltd
18 July 2018
18 July 2018
Bagir Group Ltd.
("Bagir" or the "Company")
Update on Strategic Partnership
Bagir (AIM: BAGR), a designer, creator and provider of
innovative tailoring, is pleased to announce the following update
on the proposed strategic partnership with Shandong Ruyi Technology
Group Ltd ("Shandong Ruyi").
Shandong Ruyi is a leading Asian global textile manufacturer and
under the proposed strategic partnership will invest $16.5 million
to acquire c.54% of the Company's enlarged issued share capital and
will subscribe for 359,560,310 new Ordinary Shares at approximately
3.5p per share as of today's exchange rate.
Further details are contained in Bagir's announcement of 23
November 2017.
The Company is pleased to announce that Shandong Ruyi has
committed to complete the transaction by 31 August 2018 and has
also paid a further $1.65 million, which has been received by the
Company on 17 July 2018, in addition to the initial payment of
$1.65 million that was received on 9 January 2018.
Chief Executive Officer of Bagir, Eran Itzhak, said "Shandong
Ruyi is a global leader in our sector and their decision to become
our partner and majority shareholder fundamentally changes the
future prospects of Bagir. We are delighted to confirm the
completion date and announce Shandong Ruyi's further financial
commitment to the transaction."
For further information, please contact:
Bagir Group Ltd. via Novella on:
Eran Itzhak, Chief Executive Officer +44 (0) 20 3151 7008
Udi Cohen, Chief Financial Officer
Tessa Laws, Non-Executive Chairman
N+1 Singer
Mark Taylor +44 (0) 20 7496 3000
Novella
Tim Robertson
Toby Andrews +44 (0) 20 3151 7008
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDDGGDRGGBBGIR
(END) Dow Jones Newswires
July 18, 2018 02:00 ET (06:00 GMT)
Bagir (LSE:BAGR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bagir (LSE:BAGR)
Historical Stock Chart
From Jul 2023 to Jul 2024