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EGX sets Oriental Weavers' stock limit down

EGX sets Oriental Weavers' stock limit down

ArabFinance: The Egyptian Exchange (EGX) has set the limit down of Oriental Weavers Carpets (ORWE) at 22.048%, according to the company’s April 25th filing.

The circuit breaker of the company’s stock is also set at a limit down level of 17.718%, the EGX disclosure added.

The stocks’ price movement limits will be effective as of the closing session of the ex-dividend date on April 25th.

The EGX’s decision came after the company’s announcement of distributing cash dividends of EGP 1 per share on April 28th.

Oriental Weavers recorded a consolidated net profit of EGP 1.11 billion in 2020, 30% lower when compared to EGP 855 million in 2019.

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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