Oriental Weavers Carpet considers selling, liquidating unit in China
Profits rose 57.9% year-on-year (YoY)
People buy carpets in a market by Egypt's Oriental Weavers, the world's biggest machine-woven carpet maker, during its annual exhibition in Cairo March 22, 2014. REUTERS/Amr Abdallah Dalsh
REUTERS/Amr Abdallah Dalsh
By Staff Writer, Mubasher
Cairo – Mubasher: Oriental Weavers Carpet will consider selling or liquidating its subsidiary in China, according to a bourse filing on Wednesday.
The company has authorised the executive management to conduct a study and make a decision on whether to sell or liquidate Oriental Weavers China, according to a bourse filing on Wednesday.
It is noteworthy to mention that during the first nine months (9M) of 2021, the company recorded consolidated net profits of EGP 960.24 million, a surge of 57.9% year-on-year (YoY) from EGP 607.904 million, including minority shareholders' rights.
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