the sisters will still retain their ownership percentages in the carpet manufacturing company indirectly, according to a statement
Oriental Weavers Company’s Yasmine and Farida Mohamed Khamis have transferred all their combined shares to their FYK Limited fund, in a deal worth EGP 1.38 billion.
In a statement to the Egyptian Exchange today, the Oriental Weavers Company revealed that Yasmine Mohamed Khamis sold her entire stake in the company at a rate of 12.31%, with a number of shares amounting to 81.87 million shares, at a price of EGP 8.4 per share at a total value of EGP 687.74 million. The statement added that Farida Mohamed Khamis sold the equivalent number of shares, and at the same total value.
Daughters of late business tycoon Mohamed Khamis and now part of the second generation of family members to lead the company, the sisters will still retain their ownership percentages in the carpet manufacturing company indirectly.
The FYK Limited Fund, wholly owned by the sisters, has now become the owner of Oriental Weavers Company with a 24.61% stake (163.74 million shares); the exact percentage originally owned by the sisters.
The eldest, Yasmine, was appointed chair of Oriental Weavers in October 2022, with sister Farida serving as a board member and deputy chair of finance.
The EGX statement explained that this restructuring process has a "great positive impact" in increasing the ability of the group companies to diversify financing sources internationally and enhance financing transactions, which contributes to creating a unified investment platform to enhance future growth opportunities.
The statement stressed that the current restructuring process will not result in any modification to the ownership structure of Oriental Weavers and that there will be no change in the final beneficiary, and therefore the groups associated with this company, and the ownership ratios of the associated groups after the aforementioned restructuring process will become completely identical with the ownership ratios of the associated groups prior to the restructuring.
