Bagir Group buys remaining half of Nazareth Garments
Bagir Group Ltd. (DI)
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13:29 16/06/20
Designer, creator and provider of innovative tailoring products Bagir Group announced on Monday that it had completed the acquisition of the remaining 50% shareholding in Nazareth Garments, the joint venture owner of its manufacturing site in Nazareth, Ethiopia, for a total consideration of $1.9m.
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The AIM-traded firm first announced the acquisition on 6 February, and at that time it was conditional on - amongst other things - certain procedural share registrations in Ethiopia and capital gain tax clearance on the sellers of NGSC.
All conditions had now been met and the acquisition had been completed, the company confirmed.
“Since 6 February we have been able to progress our plans to expand capacity at this excellent site alongside completing the transaction,” said CEO Eran Itzhak.
“Ethiopia, in time, is expected to become the primary manufacturing base for the group as it combines scalable production with market leading cost and tax efficiencies enabling us to make a compelling case to global retailers to choose to work with Bagir.”