For everyone15 Aug 2019 19:09
Bagir Group Ltd
Bagir doubles as Chinese textile group takes majority stake
Shandong Ruyi is paying 3.5p per share for its holding, a 155% premium 1st April 2020
Bagir suits Shangdong Ruyi Technology
Suit maker Bagir Group PLC (LON:BAGR) doubled in value as a major Chinese textile group took a majority stake and agreed to help it to win business with global clothes groups.
Shangdong Ruyi Technology, one of China’s top 100 multi-national enterprises with listed subsidiaries in China, France and Japan, will invest US$16.5mln for a 54% holding.
READ: Black is the new red as clothing maker Bagir returns to profit
Eran Itzhak, Bagir’s chief executive, said having Shandong Ruyi Group as a key shareholder and partner would enable it to exploit the opportunity presented by its Ethiopian manufacturing base far quicker and with more certainty than it could independently.
The money will be used to expand the suit trouser business and establish the jacket production lines in Ethiopia, he added.
Shandong Ruyi is paying 3.5p per share for its holding,