Maryam Cockar Sharecast | 06 Feb, 2017 08:53 | | |Fashion manufacturer Bagir Group is to buy the remaining 50% stake in Nazareth Garments, the joint venture owner of its manufacturing site in Ethiopia, for $1.9m in order to consolidate its presence in the country which it believes has strategic advantages due to its duty-free export status. Over the next five years, the company intends to invest and expand Nazareth Garments further. The £1.9m will be paid in instalments, with $600,000 being paid on signing of the agreement and the $1.3m balance will be be paid on or before 30 April. For the year ended 31 December 2015, Nazareth Garments generated revenue of $1.38m and profit after tax of $590,000. Shares in Bagir Group were up 1.75% to 4.07p at 0801 GMT.

Source: Ethiopian News February 06, 2017 08:48 UTC