Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, is pleased to announce the following update on the proposed strategic partnership with Shandong Ruyi Technology Group Ltd (“Shandong Ruyi”).
Shandong Ruyi is a leading Asian global textile manufacturer and under the proposed strategic partnership will invest $16.5 million to acquire c.54% of the Company’s enlarged issued share capital and will subscribe for 359,560,310 new Ordinary Shares at approximately 3.5p per share as of today’s exchange rate.
Further details are contained in Bagir’s announcement of 23 November 2017.
The Company is pleased to announce that Shandong Ruyi has committed to complete the transaction by 31 August 2018 and has also paid a further $1.65 million, which has been received by the Company on 17 July 2018, in addition to the initial payment of $1.65 million that was received on 9 January 2018.
Chief Executive Officer of Bagir, Eran Itzhak, said “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. We are delighted to confirm the completion date and announce Shandong Ruyi’s further financial commitment to the transaction.”
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