LONDON (Alliance News) - Tailoring company Bagir Group Ltd said Monday it has agreed to purchase the remaining 50% shareholding in Nazareth Garments, the joint venture owner of its manufacturing site in Ethiopia.
Bagir said it will pay USD1.9 million to Kassaye Mindesyil and his family in order to take full ownership of the site. The deal is dependent on clearance in Ethiopia and is expected to complete at the end of April.
Bagir said the purcahse will be funded by proceeds from its recent fundraising and its asset-backed financial headroom.
"The option to acquire the remaining 50% in this site giving us total control is timely as it coincides with the company looking to expand production significantly and we can see growing interest in the site from our customer and prospective customer base as well as new exciting opportunities," said Eran Itzhak, chief executive officer of Bagir.
By Adam Clark; adamclark@alliancenews.com
Copyright 2017 Alliance News Limited. All Rights Reserved.
