Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Firm Buys into Oriental Weavers-Paper - ASHARQ AL-AWSAT English Archive
Select Page

CAIRO, (Reuters) – Saudi Arabia’s Fitaihi Holding has bought 5 percent of Egypt’s Oriental Weavers for 153 million Egyptian pounds ($28.9 million), Al Alam Al Youm newspaper said on Thursday.

The Egyptian financial newspaper said Fitaihi’s investment arm had bought 3.73 million shares of Oriental Weavers, the world’s largest maker of machine-made rugs.

Oriental Weavers said earlier this week it expects profit growth of 10 to 12 percent in 2008, down from 21 percent in 2007, as U.S. revenue stagnates. Shares in Oriental Weavers closed at 37.74 pounds on Wednesday, above a year low of 34 pounds set on July 31 and well below a year high of 52.87 pounds set in May.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube