Egypt’s Oriental Weavers to make full exit from China

Egypt’s Oriental Weavers, the world’s largest manufacturer of machine-made carpets, has agreed on Wednesday to make a full exit from China after accepting an offer to sell its full shares in its Chinese unit.

In a bourse filling, the company said the board had accepted an offer to sell its entire stake in Oriental Weavers (Tianjin) Co., Ltd. and exit the Chinese market.

In August 2021, Oriental Weavers announced that its board was considering selling or liquidating its Chinese unit.