Arab Finance: Oriental Weavers Carpets’ (ORWE) board of directors has decided to sell the firm’s 0.7% stake in Al Ahli Bank of Kuwait (ABK) - Egypt, according to a disclosure on October 1^st.

The decision came within the framework of the Oriental Weavers’ plan to focus on its core activities and exit from non-core investments.

It is worth mentioning that Oriental Weavers posted a 56.57% year-on-year (YoY) increase in consolidated profit attributable to the parent company for the first half (H1) of 2023.

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.

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