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Oriental Weavers signs with government to settle backlog of export incentives
Oriental Weavers Carpets (ORWE) and two of its subsidiaries (Oriental Weavers International and Oriental Weavers Textiles) signed a settlement agreement with the Ministry of Finance and Ministry of Trade & Industry to settle the backlog of export incentives till June 30, 2019, worth EGP 322 million.
By virtue of this agreement, Oriental Weavers and two of its subsidiaries are required to inject CAPEX during the five-year period starting 2019 until 2023, in order to be eligible for the receipt of the settlement.
According to the five-year expansion plan, Oriental Weavers Carpets and the two subsidiaries plan to inject CAPEX of EGP 606 million- detailed as follows: i) adding a new yarn factory to produce Polyester, Polypropylene, and Nylon yarn in addition to producing Regenerated Polyester Fibers to satisfy customers needs, and ii) adding new looms to expand the rug production capacity and to replace the old low-speed looms. These expansions should be financed partially by the settlement proceeds in addition to a mix of debt and self-financing.



Time Added: 2019-12-03 08:35:30
Source: arabfinance
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