OW Delays Industrial Facility Phase II Launch Till End of H1/2013

Oriental Weavers Group (OW) (ORWE.CA) has decided to postpone its actual production in its second-phase industrial facility till the end of the first half of 2013.

Haitham Abdel Moneim, Investor Relations Manager at Oriental Weaver, has attributed the postponement decision to investment instability concerns.

The firm preferred to wait and see until all the political challenges mainly the parliamentary elections are done, Abdel Moneim further stated. The firm also needs to conduct more studies on the market needs so as to eventually gain the best benefit from the current period.

OW is about to finish the second phase of its industrial facility which is scheduled to include factory for carpet and rug production. The investment cost of the phase II is $35 million. The industrial facility is scheduled to be delivered by the beginning of next year.