Bagir CFO set to leave, Shandong Ruyi investment completion pushed back

AIM-listed Bagir confirmed on Monday that 2018 trading was in line with management expectations as it said the completion date for Shandong Ruyi’s investment in the company has been pushed back.

The company, which creates and provides innovative tailoring, said Shandong’s proposed $16.5m investment in return for a 53.7% stake, will now complete on 30 May 2019, as it has taken longer than expected for the group to receive Chinese Government approval.

Bagir also gave a very brief update on trading for the 12 months to the end of December 2018, which it said was in line with management expectations.

"As anticipated, trading in the second half has been stronger compared to the first six months, with the company recording a profitable third and fourth quarter," it said.

In addition, it announced the departure of chief financial officer Udi Cohen in March next year. Bagir said Cohen was leaving "to pursue his other business interests". Group financial controller Dotan Levy will assume the role of acting CFO.

Chief executive officer Eran Itzhak said: "While both ourselves and Shandong Ruyi would have preferred to have completed the transaction earlier, both companies are committed to making this partnership work. Shandong Ruyi remain confident the transaction will be completed and the new completion date has been set to provide ample time for all parties.

"On behalf of the board I would like thank Udi who has worked for Bagir for seven years and has been a highly valued colleague to all of us and we wish him well in the future."

At 1030 GMT, the shares were down 13.5% to 1.60p.