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Bagir CFO set to leave, Shandong Ruyi investment completion pushed back

Mon, 31st Dec 2018 09:00

(Sharecast News) - AIM-listed Bagir confirmed on Monday that 2018 trading was in line with management expectations as it said the completion date for Shandong Ruyi's investment in the company has been pushed back.The company, which creates and provides innovative tailoring, said Shandong's proposed $16.5m investment in return for a 53.7% stake, will now complete on 30 May 2019, as it has taken longer than expected for the group to receive Chinese Government approval.Bagir also gave a very brief update on trading for the 12 months to the end of December 2018, which it said was in line with management expectations."As anticipated, trading in the second half has been stronger compared to the first six months, with the company recording a profitable third and fourth quarter," it said.In addition, it announced the departure of chief financial officer Udi Cohen in March next year. Bagir said Cohen was leaving "to pursue his other business interests". Group financial controller Dotan Levy will assume the role of acting CFO.Chief executive officer Eran Itzhak said: "While both ourselves and Shandong Ruyi would have preferred to have completed the transaction earlier, both companies are committed to making this partnership work. Shandong Ruyi remain confident the transaction will be completed and the new completion date has been set to provide ample time for all parties."On behalf of the board I would like thank Udi who has worked for Bagir for seven years and has been a highly valued colleague to all of us and we wish him well in the future."At 1030 GMT, the shares were down 13.5% to 1.60p.
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21 Sep 2018 09:22

Bagir Interim Loss Deepens As Awaits "Transformative" Chinese Investor

LONDON (Alliance News) - Tailoring firm Bagir Group Ltd said Friday its half-year loss widened sharply as revenue fell, but costs of sales remained stubbornly stable, as it continues to await of a

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3 Sep 2018 12:27

Bagir recommends shareholders approve Shandong Ruyi investment

(Sharecast News) - Tailoring company Bagir Group said on Monday that, further to its announcement on 23 November last year, it had agreed terms with Shandong Ruyi Technology Group for a proposed investment and strategic partnership, under which Shandong Ruyi will invest $16.5m into the company in return for 359,560,310 new ordinary shares, representing 53.7% of its enlarged share capital.

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28 Aug 2018 15:57

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6 Feb 2017 08:13

Bagir Group to buy remaining 50% stake in Ethiopian manufacturing site for £1.9m

(ShareCast News) - Fashion manufacturer Bagir Group is to buy the remaining 50% stake in Nazareth Garments, the joint venture owner of its manufacturing site in Ethiopia, for $1.9m in order to consolidate its presence in the country which it believes has strategic advantages due to its duty-free exp

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6 Feb 2017 07:45

Bagir Pays USD1.9 Million For Remaining 50% Of Ethiopia Factory Site

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19 Dec 2016 12:16

Bagir Group trousers £2m to expand clothes manufacturing plant

(ShareCast News) - Fashion manufacturer Bagir Group raised £1.97m in a discounted equity placing in order to expand its Ethiopian manufacturing operations. The capital raised will be used to develop an unused production hall in its Ethiopia factory which will enable it to produce up to 3,000 trou

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29 Nov 2016 10:05

Bagir Ships First International Order From Ethiopia To US For H&M

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4 Nov 2016 09:05

Bagir Group Repays Lenders To Become Free Of Bank Debt

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4 Nov 2016 08:11

Bagir Group clears $21m debt with lenders

(ShareCast News) - AIM-listed Bagir Group, which develops and manufactures high quality men and women's tailored fashions, cleared its debt with two lenders. The company repaid its $21m outstanding bank debt to its lenders, Bank Leumi and Discount Bank, and is now debt free. The lenders are current

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21 Oct 2016 10:40

Bagir says trading in line with market views

(ShareCast News) - Innovative tailoring company Bagir says it is trading in line with market expectations for this financial year. "We are making significant progress under our strategic plan to maintain this momentum across the business into 2017 and beyond," it said in a trading update. The compa

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15 Sep 2016 16:17

DIRECTOR DEALINGS SUMMARY: Bagir Leadership Take Part In Share Placing

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31 May 2016 15:04

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22 Mar 2016 10:09

Bagir Annual Loss Widens After Largest Customer Reduces Orders

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4 Jan 2016 11:58

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