- Jerash Holdings (US), Inc. JRSH and Busana Apparel Group signed an agreement to form a joint venture company for producing custom, ready-made, sportswear and outerwear in Jordan.
- The new company will operate under the name J&B International Limited.
- As part of the agreement, Jerash will own a 51% equity stake in the joint venture, and Busana will own 49%.
- The companies will contribute $1.5 million as working capital to launch the new entity.
- "J&B International will give Jerash new opportunities to expand its business by serving Busana's global branded customers in Jordan, which has long-standing duty-free export agreements with the U.S., the EU and other countries," said chairman and CEO Sam Choi.
- "With our existing manufacturing facilities in Jordan and expansion plans already in place, we anticipate initial manufacturing for Busana's customers to begin in the second half of 2023."
- Price Action: JRSH shares are trading flat at $4.79 on the last check Tuesday.
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