NAMIC approves JD4m capital increase, plans expansion to JD40m

AMMAN — The Board of Directors of the National Arab Mining and Transformation Industries Company (NAMIC) on Monday approved the first phase of a capital increase amounting to JD4 million.

The company said that shareholders and board members, during an extraordinary meeting, agreed to increase the company’s capital in two phases, the Jordan News Agency, Petra, reported.

The first phase, limited to current founding shareholders, will raise the capital to JD5.4 million over a two-month period. 

The second phase, set to commence immediately after the first, will increase the capital to JD40 million an additional JD34.6 million through a private subscription that includes both existing and new shareholders.

The meeting was chaired by JBA President Hamdi Tabbaa and attended by CEO Ayman Ayyash and all board members.

NAMIC is a “pioneering” initiative established by Jordanian and Arab business leaders to contribute to the implementation of the Kingdom’s Economic Modernisation Vision, with a particular focus on advancing the mining sector and transformation industries.