Oriental Weavers establishes new rug factory in 10th of Ramadan; looking to invest EUR10-12mn to add 8-10 new looms in 2018
Oriental Weavers (ORWE.CA) announced it has established a new rug factory (Horus) in 10th of Ramadan City. Since the beginning of the year, the company has installed eight weaving looms and a number of machinery and equipment in its factories to meet growing global demand. For 2018, Oriental Weavers plans to add 8-10 weaving looms with an estimated capex of EUR10-12mn. The company’s Board of Directors (BoD) has recently assigned Chairman Salah Abdel Aziz to sign a EUR9mn loan contract with Qatar National Bank Al Ahli (QNB) to finance part of this expansion plan.
Oriental Weavers: EGP16.29 as of 23 Nov. 2017, Rating: Buy, TP: EGP26.00/share, MCap: USD414mn, ORWE EY/ORWE.CA
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