Egypt’s Oriental Weavers sells stake in NBK Egypt

Egypt’s Oriental Weavers Group (OW) sold its 0.70 percent equity in the National Bank of Kuwait – Egypt (NBK Egypt), according to a bourse filing on Monday.

The EGX-listed firm said that this step is part of its plans to focus on activities in the core business and divesting non-core investments.

The firm also said that its CEO and Managing Director, Salah Abdel Aziz Abdel Motalab, will handle the sale process.

During the first half (H1) of 2023, Oriental Weavers generated 733.39 million Egyptian pounds in consolidated net profits after tax.

This came at a 51.30 percent year-on-year (YoY) hike from 484.63 million pounds recorded the year before, including minority interest.

However, NBK Egypt recorded net profits worth 1.56 billion pounds in H1-23, going up from 756.50 million pounds.