ArabFinance: Oriental Weavers Carpets (ORWE) will apply to take part of an initiative that launched by in the Ministry of Finance (MoF) for immediate payment of the due export subsidies, according to the company statement filed to the Egyptian Exchange.

In light of initiate, the MoF announced that export companies will receive 85% of the due export rebates till 30/6/2019 before year-end.

This program will substitute the protocols signed in 2019 which stated that the payment of rebates would take place over four years.

Oriental Weaver backlog as of June 30th stands at EGP 317 million, the company said.

The company has hired Yasmine Khamis as Non-Executive Chairman succeeded Salah Abdel Muttalib.

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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