Bagir has completed its purchase of a 50 per cent stake in Nazareth Garments Share Co, which owns and operates a garment factory in Ethiopia, for a total consideration of US $ 1.5 million. The factory manufactures trousers and formal shirts and employs approximately 400 staff. US $ 1.2 million of the total consideration will be invested for machinery and general facility improvements to ensure that the output is suitable for export, with the balance paid to the shareholders of Nazareth. The factory is now expected to undergo certain upgrades to its facilities to enable the production of high quality trousers and jackets for export into the global market. As at 7 July 2013, being the end of Nazareth’s fiscal year, Nazareth had revenue of approximately US $ 0.9 million, profit before tax of approximately US $ 0.2 million and net assets of approximately US $ 0.3 million.
