Tailoring company Bagir Group said on Monday it has completed the USD1.9 million acquisition of the remaining 50% stake it did not already own in Nazareth Garments Share Co, the joint venture owner of its manufacturing site in Ethiopia.
Tailoring company Bagir Group said on Monday it has completed the USD1.9 million acquisition of the remaining 50% stake it did not already own in Nazareth Garments Share Co, the joint venture owner of its manufacturing site in Ethiopia.Bagir said that conditions relating to procedural share registrations in Ethiopia and capital gain tax clearance from the sellers of Nazareth Garments, Kassaye Mindesyil and his family, have been met and it has now taken full ownership of the manufacturing site.
"Since 6 February 2017 we have been able to progress our plans to expand capacity at this excellent site alongside completing the transaction," Bagir Chief Executive Eran Itzhak said.
"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," he said.
Shares Bagir were up 1.3% to 4.18 pence on Monday.(London South East)