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Jerash company is first Arab firm to get listed on NASDAQ
May '18
Jerash company is first Arab firm to get listed on NASDAQ
Jerash Garments and Fashions Manufacturing Company (JGFMC) located in Sahab Development Zone in Jordan has become the first Arab company to be listed on the NASDAQ stock exchange in New York. It was also the first Jordanian company to receive authorisation for exporting to the EU as per relaxed rules under a deal between the country and the Union in 2017.

Choi Lin Hung, chairperson of JGFMC said the company’s NASDAQ listing will help it grow and increase its investment in Jordan. He added that security and stability in the country and incentives offered encouraged the expansion of the company.

The company will also open a new branch in Hasa as a deal has been finalised to export garments to The Netherlands, said the company’s executive manager Oryana Awaysheh.

Jordan’s king Abdullah had visited the company on Labour Day and met its board members and top executives. He said at the meeting that adequate support will be provided to guest investors and stressed on the importance of having and investment-friendly climate in the country. King Abdullah toured the JGFMC factory and met the workers, according to a Jordanian newspaper.

The garment factory manufactures products for some big brands like Walmart, Sears, Costco, Hanes, Columbia, Timberland, The North Face, Lee, Wrangler, Tommy Hilfiger, Speedo and Calvin Klein. It has factories in three locations and provides employment to over 2,800 people including immigrants from nations like India, Sri Lanka, Bangladesh, China, Nepal, Myanmar and Syria.

The company can produce up to 500,000 pieces per month. It exported garments worth $62 million to the US and $300,000 to the EU in 2017.

Samir Murad, the labour minister of Jordan said that JGFMC is one of the most successful Chinese investments in Jordan and is offering employment to a lot of Jordanians. (KD)

Fibre2Fashion News Desk – India

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