On Sunday, Oriental Weavers Group announced that Yasmine and Farida, daughters of late tycoon Mohamed Khamis, sold their entire shares in the company to FYK Limited for EGP 1.38 billion.
The company indicated, in a statement to the Egyptian Stock Exchange, that Yasmine and her sister Farida sold their entire stake in the company at a rate of 12.31%, with a number of shares amounting to 81.87 million shares, at a price of EGP 8.4 per share, with a total value of EGP 687.74
Oriental Weavers stated that the share of the FYK limited fund after the transaction amounted to 24.6%, with 163.7 million shares.
The deal was executed by Hermes Securities Brokerage Company.
The Oriental Weavers is an Egypt-based company that is principally engaged in the production and sale of machine-woven carpets and rugs for the residential, commercial, and hospitality industries.
The Company offers various lines of area rugs, as well as manufactures woven goblins and tapestries.
The Company operates through its subsidiaries including Oriental Weavers USA Inc., Oriental Weavers International, Oriental Weavers Fibers Company, Egyptian Fiber Company (EFCO), Oriental Weaves China, New Mac, EFCO Modern Fiber, and MAC Carpet.
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