Oriental Weavers Carpet's unit acquires 1.4% of Egyptian Propylene
The company's annual output capacity amounts to 350,000 metric tonnes
A trader works at the Egyptian stock market in Cairo .
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Mubasher
Cairo – Mubasher: Oriental Weavers Carpet announced that its 99%-owned subsidiary Oriental Weavers International acquired 1.41% of the Egyptian Propylene and Polypropylene Company (EPP) for a total value of $7.8 million.
The EPP, located in Port Said, is the largest and only integrated Propylene and Polypropylene producer using propane dehydrogenation in Egypt and North Africa, the carpet manufacturer said in a bourse disclosure on Monday.
The company has the capacity to produce 350,000 metric tonnes of polypropylene each year.
It exports 70-80% of its production, which means it generates a steady stream of USD-denominated, tax-exempt cash flow thanks to its free-zone status.
In 2020, Oriental Weavers Carpet logged EGP 1.11 billion in consolidated net profits, down from EGP 855.07 million a year earlier, including minority shareholders’ rights.
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.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW