The board of El Zay Ready Wear Manufacturing gave the go-ahead to increase capital from JOD 4 million (4 million shares) to JOD 5 million (5 million shares) through a private placement at a par value of JOD 1 per share.

CEO Marwan Issa said the next ordinary general meeting will discuss the capital increase and mandate the board to take the relevant procedures.

The capital increase is to boost the company’s liquidity and repay part of its debts, Al-Rai newspaper reported quoting Marwan.