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Saudi Firm Buys into Oriental Weavers-Paper | ASHARQ AL-AWSAT English Archive 2005 -2017
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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.