Oriental Weavers to invest EUR 10-12 mn to add new weaving looms

Oriental Weavers plans to add eight to 10 weaving looms until the end of 2018 with estimated capex figure of EUR 10-12 mn, according to a bourse statement. The EUR 9 mn loan the company is signing with QNB Alahli we reported on Thursday will be used to finance the expansion. Oriental Weavers also announced establishing a new rug factory in Tenth of Ramadan with eight weaving looms and machinery installed since the beginning of 2017 to meet growing demand, adding EGP 324 mn in fixed assets to the 9M2017 financials.