4.15pm
Sunday 25 December 2022
I wrote – Sherine Salah:
The Oriental Weavers Company revealed in a stock exchange release on Sunday that both Yasmine and Farida Mohamed Farid Khamis sold their shares, estimated to total 24.6%, in the company to “FKY limited”.
The number of shares sold reached approximately 163.7 million shares, valued at approximately £1.375 million, according to the company’s statement to the stock market on Sunday.
The disclosure indicated that the value of Oriental Weavers Company’s stake in the transaction amounted to EGP 8.40.
It was alleged that Yasmine Mohamed Farid Khamis sold 12.31% of his stake in the company, worth £687.7 million, and Farida Mohamed Khamis sold 12.31% of his stake in the company, for a value of 687.7 million pounds, so that his two shares in the group after the implementation of the deal became zero.
Oriental Weavers’ share fell 4.71% during Sunday’s trading session, to £9.91 a share.
Oriental Weavers, one of the largest carpet manufacturers in the world, has been in the floor covering market for over 30 years. Oriental Weavers has factories in America and China and sells its products in over 130 countries.