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Oriental Weavers Carpet

Egypt’s FRA approves Oriental Weavers’ EGP 221.7m capital hike

Oriental Weavers Carpet >>>> The Financial Regulatory Authority (FRA) has approved Oriental Weavers Carpet’s proposal to raise its issued capital by EGP 221.7 million.

Accordingly, the issued capital will be raised to EGP 666.1 million from EGP 443.4 million, Oriental Weavers said in a statement to the Egyptian Exchange (EGX).

The capital increase will be implemented through the issuance of 221.7 million shares at a par value of EGP 1 per share.

In April, Oriental Weavers Carpet’s ordinary general meeting (OGM) had approved the distribution of bonus shares to shareholders to boost the company’s capital.

During the first half of 2019, the company’s net profit stood at EGP 461.83 million, compared to EGP 326.39 million in H1-18, including minority shareholders’ rights.

 

Also Read: Oriental Weavers reports EGP 462m profit in H1

About Kohan Journal

Kohan Textile Journal is the leading magazine for the Textile industry, Textile machinery, Synthetic Fibers and Nonwovens in MENA region (the Middle East and North Africa) and is published every two months. It basically emphasizes on textile machinery, textile products, carpet and synthetic fibres distributed among the factories, manufacturers, and traders of floorcovering industries.l

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