30 Nov 2017 15:59
30 November 2017
Bagir Group Ltd.
("Bagir" or the "Company")
Update relating to strategic partnership with Shandong Ruyi
Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, provides an update in relation to its proposed strategic partnership with Shandong Ruyi Technology Group Ltd ("Shandong Ruyi Group"), a leading Asian global textile manufacturer, under which Shandong Ruyi will invest $16.5 million to acquire c.54%1 of the Company's enlarged issued share capital. Further details are contained in Bagir's announcement of 23 November 2017.
Shandong Ruyi has confirmed to Bagir that it has instructed its bank to make payment of the $1.65m initial payment. This payment is currently in process and, subject to the completion of the various Chinese foreign exchange regulatory requirements. Shandong Ruyi anticipates that this will be received by Bagir by late December and Bagir is discussing this matter with Shandong Ruyi. Further announcements will be made at the appropriate time.
1Approx. 51% fully diluted
For further information, please contact:
Bagir Group Ltd. Eran Itzhak, Chief Executive Officer Udi Cohen, Chief Financial Officer Tessa Laws, Non-Executive Chairman
| via Novella Communications on: +44 (0) 20 3151 7008 |
N+1 Singer Alex Price
| +44 (0) 20 7496 3000 |
Novella Tim Robertson Toby Andrews | +44 (0) 20 3151 7008 |
BAGR.L (BAGR)