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18 Jul 2018 | 14:17

Bagir says Shandong Ruyi to complete $16.5m investment by end August

Tailoring firm Bagir said Asian global textile manufacturer Shandong Ruyi had committed to complete a proposed investment in the company by the end of August.

In November, Bagir announced that Shandong Ruyi had agreed to invest $16.5m to acquire a 54% stake in the company.

Bagir had now paid an additional $1.65m towards the acquisition, on top of the initial payment of $1.65m received on 9 January.

'Shandong Ruyi is a global leader in our sector and their decision to become our partner and majority shareholder fundamentally changes the future prospects of Bagir,' chief executive Eran Itzhak said.

At 2:17pm: (LON:BAGR) Bagir Group Ltd. Ord Ils0.04 share price was +1.1p at 2.55p

Story provided by StockMarketWire.com
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