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31 May 2019 | 08:20

Bagir to grant investor more time to complete $16.5m investment

Bagir said it had agreed to grant Shandong Ruyi a short extension to complete an investment despite the delay in payment breaching the agreement.

Due to 'the potential benefits that the strategic partnership might still have on the Company and its future prospects,' the company agreed to the short extension, granting Shandong Ruyi more time to pay the remaining $13.2m to complete the $16.5m investment for a 53.7% stake in Bagir, the company said.

Shandong Ruyi had requested an extension after failing to pay the remaining funds by the agreed date at 30 May 2019, the extended unconditional completion date as announced on 31 December 2018, the company added.

At 8:20am: (LON:BAGR) Bagir Group Ltd share price was -0.75p at 1.45p

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