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Arab Bridge to increase capital

Arab Bridge to increase capital
The Arab Bridge Maritime Company ABMC decided to increase the company's capital to $75 million.

Arab Bridge Maritime Company to increase capital to $75 million

The Arab Bridge Maritime Company ABMC decided to increase the company's capital to $75 million. The decision was made during the company's general assembly meeting, which convened in Amman yesterday with the participation of Transport Minister Alaa Batayneh and his Egyptian and Iraqi counterparts who also endorsed the 2010 budget and operational plans. Batayneh said that ABMCABMC profits reached $20 million in 2009 and its assets increased by 3 per cent to $125 million.

According to ABMC financial statement, operational expenses in 2009 dropped by 19 per cent due to a drop in international oil prices and to more efficient spending on maintenance. Equity of shareholding countries increased to $108 million last year, an increase of 4 per cent compared with 2008. ABMC, which was established in 1985 as partnership between Jordan, Egypt and Iraq, owns seven ships with a capacity of transporting one million passengers per year in addition to transporting 55,000 trucks and 45,000 cars. Also yesterday, Deputy Prime Minister and Minister of State Rajai Muasher met with Egyptian Transport Minister Alaa Fahmi and Iraqi Transport Minister Amer Abdul Jabbar and discussed means to increase cooperation between Jordan and the two countries in the field of transportation.


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