Egypt's Oriental Weavers to exit from Chinese subsidiary

The EGX-listed firm will accept the submitted offer to sell its entire stake in Oriental Weavers China

Staff Writer, Mubasher

August 11, 2022

MARKETS EGYPT CHINA (PRC)NORTH AFRICA EQUITIES

PHOTO

Cairo – The board of directors of Oriental Weavers Carpet agreed to exit from its existing investments in China.

Hence, the EGX-listed firm will accept the submitted offer to sell its entire stake in Oriental Weavers China, according to a stock exchange filing on Wednesday.

Further relevant details will be announced following completion of the transaction, the statement added.

In December 2021, the company authorised the executive management to conduct a study and make a decision on whether to sell or liquidate its subsidiary in China.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.