Cairo – Mubasher: Oriental Weavers said Tuesday that its subsidiary Rose Textiles Company will be financially merged into Oriental Weavers Textiles.
Following this move, Oriental Weavers will own a stake of 65% in Oriental Weavers Textiles, thus registering a capital top-up by $10 million.
The weaver manufacturer’s capital is forecast to increase to $35 million, divided into the two companies’ shareholders after reassessments as per each one’s net asset value.
The carpet and rug manufacturer's profits saw a decline of 38.3% in the first quarter of 2016 to EGP 94 million ($10.6 million) with EGP 152.67 million ($17.2 million) in Q1-15.
