JRSH - Jerash Holdings buys manufacturing factory; forecasts annual production to increase by 20%

Jerash Holdings' (JRSH) subsidiary has signed a definitive agreement with MK Garments MFG Co. Jordan to acquire Mustafa and Kamal Ashraf Trading Company for ~$2.8 million in cash.As per the terms, Jerash will assume the manufacturing licenses and existing physical operations of MK Garments, including all machinery equipment, 500 employees, and a dormitory.The new facility is expected to enable Jerash to produce approximately 2.5 to 3.5 million additional garments per year, adding about 20% to Jerash's current annual capacity.The transaction is anticipated to close in August 2021.Shares +6% premarket.

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Jerash Holdings buys manufacturing factory; forecasts annual production to increase by 20%