Oriental Weavers to exit from Chinese unit

In August 2021, Oriental Weavers announced that its board of directors was considering selling or liquidating its Chinese unit Oriental Weavers Tianjin

Staff Writer, Arab Finance

August 11, 2022

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Arab Finance: The board of directors of Oriental Weavers Carpets (ORWE) has agreed to exit from its investments in China, according to a statement filed to the Egyptian Exchange (EGX) on August 10^th.

Accordingly, the company will accept the submitted offer to sell its entire stake in its Chinese unit Oriental Weavers Tianjin.

In August 2021, Oriental Weavers announced that its board of directors was considering selling or liquidating its Chinese unit Oriental Weavers Tianjin.

Founded in 1979 and listed on EGX in 1997, Oriental Weavers has emerged as a producer of machine-woven carpets and rugs for the residential, commercial, and hospitality industries.

It also offers various lines of area rugs as well as manufactures woven goblins and tapestries.

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