Bagrir group, an Israeli apparel designer and Marketer, is to acquire 50 % share from Nazareth Garments Factory in What is now Adama town, which is now a seat of Oromia regional state in Ethiopia ‘s ethnic based Federalism.
According to Fibre2fashion share value is estimated to be worth of $1.5 Million and it will be finalized up on fulfillment of conditions on both sides which the source was not explicit about. However, the deal is expected to be finalized by the end of this year.
CEO of Bagir Group Ltd is quoted as saying “We have today announced the potential investment in an Ethiopian production facility which is a very exciting opportunity for Bagir.”
To read Fibre2fashion ‘s report, please click here