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31 Dec 2018 | 07:07

Chinese investment into Bagir delayed

Israeli tailor Bagir has announced that it is taking more time than first envisaged for Shandong Ruyi to receive Chinese Government approval for its proposed $16.5m investment into the company in return for 53.7% of the company's enlarged share capital.

Bagir is trading in line with management expectations for the 12 months to 31 December 2018. As anticipated, trading in the second half has been stronger compared to the first 6 months, with the company recording a profitable third and fourth quarter.

Udi Cohen, chief financial officer, has decided to leave the company from March 10, 2019, to pursue his other business interests. Dotan Levy currently group financial controller will take on the role of acting chief financial officer. Dotan will not become a director of the company at this time.

Chief executive officer, Eran Itzhak, said: 'While both ourselves and Shandong Ruyi would have preferred to have completed the transaction earlier, both companies are committed to making this partnership work. Shandong Ruyi remain confident the transaction will be completed and the new completion date has been set to provide ample time for all parties.

'On behalf of the Board I would like thank Udi who has worked for Bagir for 7 years and has been a highly valued colleague to all of us and we wish him well in the future.'

Story provided by StockMarketWire.com
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