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Subsequent Events
 6 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 18 – SUBSEQUENT EVENTS

 

On November 3, 2023, the Board of Directors approved the payment of a dividend of $0.05 per share, payable on November 28, 2023 to stockholders of record as of the close of business on November 14, 2023.

 

On October 10, 2023, Treasure Success entered into an agreement with Newtech Textile (HK) Limited to form a jointly own subsidiary Jerash Newtech (Hong Kong) Holdings Limited (“Jerash Newtech”). Pursuant to the agreement, the share capital of Jerash Newtech will be $100,000. Treasure Success, as a shareholder of Jerash Newtech, is required to contribute $51,000 to acquire 51% of the equity interests in Jerash Newtech. Jerash Newtech will establish a fabric facility in Jordan and approximate $29.9 million of capital expenditure is forecasted. Treasure Success and Newtech Textile (HK) Limited will inject capital expenditures in two phases according to their respective shareholding proportions and conditions.