Wednesday, Feb 06, 2008
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CAIRO (Zawya Dow Jones)--Oriental Weavers, an Egyptian maker of rugs, said Wednesday a small fire in one of its storage facilities was contained.
The damage is estimated to have burnt products worth $3.5 million but Oriental Weavers is fully insured, a statement by the company on the Cairo and Alexandria Stock Exchanges' Web site said.
The company's production capacity hasn't been affected as a result of the fire, Oriental Weavers said.
This is the second fire to be reported by Oriental Weavers in less than four months after an October incident in one of its facilities in the Tenth of Ramadan City, which caused losses estimated at 52.3 million Egyptian pounds ($9.5 million).
The company said at the time its insurance policy covers up to EGP1.4 billion.
-By Maha El Dahan, contributing to Dow Jones Newswires, +20122267850, mahaeldahan@yahoo.com Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
06-02-08 1229GMT
