Cairo – Mubasher: Oriental Weavers Carpet is expected to invest up to EUR 15 million (EGP 326.21 million) this year.
The world's biggest machine-woven carpet producer also seeks to acquire assets worth EGP 147.55 million, Oriental Weavers added in a filing to the Egyptian Exchange (EGX) on Wednesday.
The Egyptian household durables firm is projecting a strong potential growth in the export market and anticipating the local market to recover, the filing added.
The firm’s debt to banks amounted to 74.5% of its total debts, the company noted.
The EGX-listed company will carry on conducting future contracts to sell dollar surplus to banks, in line with keeping the currency balance, according to the filing.
Oriental Weavers’ capital amounts to EGP 450 million distributed over 450 million shares at a par value of EGP 1 per share.