10:02pm
Sunday 25 December 2022
Books – Mustafa Eid:
Oriental Weavers Carpet Company said FYK Limited, which acquired 24.61 percent of the company’s shares today Sunday, is Yasmine Farid Khamis and Farida Farid Khamis’ stake, which is 100 percent owned by Yasmine and Farida Farid Khamis.
Oriental Weavers added, in a statement on Sunday, that therefore Farida and Yasmine Farid Khamis indirectly maintain their ownership in the Oriental Weavers Carpet Company.
The company said that this restructuring process has a large positive impact on increasing the group companies’ ability to diversify funding sources internationally and improve financing operations, thereby helping to create a unified investment platform to improve the opportunities for future growth.
He explained that the restructuring process will not involve any change in the ownership structure of “Oriental Weavers”, as there will be no change in the final beneficiary and therefore in the groups associated with this company, and in the ownership relationships of the associated groups after the restructuring process will become completely identical to the ownership relationships of the associated groups prior to the restructuring process
The Oriental Weavers Company announced in a filing on the stock exchange today Sunday that Yasmine and Farida Mohamed Farid Khamis have sold their shares, estimated to total 24.6 percent in the company, in favor of ‘FKY limited’.
According to the company’s disclosure to the Stock Exchange, today, Sunday, the number of shares within this process has reached approximately 163.7 million shares, worth approximately one billion and 375 million pounds, as the value of the stake involved in the transaction amounted to 8.40 pounds.
Oriental Weavers’ share fell 4.71% during Sunday’s trading session, to £9.91 a share.
Oriental Weavers, one of the largest carpet manufacturers in the world, has been in the floor covering market for over 30 years. Oriental Weavers has factories in America and China and sells its products in over 130 countries.
