Bagir Group Ltd Update relating to strategic partnership (0358Y)
01 December 2017 - 2:59AM
UK Regulatory
TIDMBAGR
RNS Number : 0358Y
Bagir Group Ltd
30 November 2017
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.
(1) Approx. 51% fully diluted
For further information, please contact:
Bagir Group Ltd. via Novella Communications on:
Eran Itzhak, Chief Executive Officer +44 (0) 20 3151 7008
Udi Cohen, Chief Financial Officer
Tessa Laws, Non-Executive Chairman
N+1 Singer
Alex Price +44 (0) 20 7496 3000
Novella
Tim Robertson
Toby Andrews +44 (0) 20 3151 7008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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