Arab Finance: FYK Limited has acquired a 24.61% stake, representing 163.743 million shares, in Oriental Weavers Carpets (ORWE) for EGP 1.375 billion, or EGP 8.4 per share, according to a shareholding disclosure issued on December 25th.
On the other hand, shareholders Farida Khamis and Yasmin Khamis have sold their entire stakes in Oriental Weavers at a price of EGP 8.4 per share.
According to a separate statement, Oriental Weavers Carpets revealed that FYK Limited is 100% owned by both Farida Khamis and Yasmin Khamis, hence, the two still hold onto their stakes indirectly in the company.
Founded in 1979 and listed on the EGX in 1997, Oriental Weavers has emerged as a producer of machine-woven carpets and rugs for the residential, commercial, and hospitality industries.