Oriental Weavers to Invest $33 Million for Expansion, Borsa Says

Oriental Weavers Co. (ORWE), Egypt’s biggest carpets manufacturer, plans to invest 200 million Egyptian pounds ($33 million) on expansion projects this year, Al Borsa reported.

The projects include starting the second phase of a production facility in the fourth quarter and increasing by 60 percent the company’s machine-made carpet capacity when completed, the Cairo-based daily said, citing investor relations manager Haitham Abdel-Moneim.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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