Menswear manufacturer Bagir Group Ltd says that its new investor says that it has transferred the initial deposit of $1.65m.
Textiles manufacturer Shandong Ruyi Technology Ltd intends to invest $16.5m to take a 54% stake, or 51% on a fully diluted basis. The deposit was originally expected before the end of 2017 and Bagir says that it will inform the market when it can confirm it has received the cash.
The current share price is 2.85p. The proposed share issue is at 3.5p a share.
Bagir, which has consistently disappointed the market, believes the partnership with the Chinese textiles manufacturer, which also has retail interests.
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