Cairo – Mubasher: Oriental Weavers Carpet announced that its two subsidiaries Mac Carpet and New Mac signed an agreement with the Egyptian Ministry of Finance and Ministry of Trade and Industry to settle the backlog of export incentives valued at EGP 229 million owed by the Export Development Fund up to 30 June 2019.
Under the deal, the two companies will inject EGP 229 million into increasing investments in expansions by adding new production units and upgrading old machinery, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The exports subsidies will be paid over equal payments for five years starting from the current fiscal year 2019/2020.
In December 2019, Oriental Weavers Carpet and two of its subsidiaries Oriental Weavers International and Oriental Weavers Textiles signed an agreement with the Egyptian government to settle overdue export subsidies valued at EGP 322 million, until last June.
It is noteworthy that during the January-September period of 2019, the company reported net profits of EGP 597.36 million, compared to EGP 436.4 million in the prior-year period, including minority shareholders’ rights.
