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Bagir secures over $16mln investment to expand Ethiopian site

The tailoring company will issue 359.6 million shares at a price of 3.5 pence each to the Chinese textiles company.

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Addis Ababa, September 3, 2018 (FBC) -Bagir Group Ltd on Monday said has secured a 16.5 million US dollars investment from Chinese textiles and clothing company Shandong Ruyi Technology Group Co Ltd.

The tailoring company said it will issue 359.6 million shares at a price of 3.5 pence each to the Chinese textiles company, according to London South East.

Bagir plans to use the investment funds to cover the costs associated with the development and expansion of its manufacturing facility in Ethiopia to enable the facility to attract and compete for major apparel manufacturing contracts from large international retailers.

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