Egypt’s Khamis Family Profits $14.8M from Oriental Weaver Investment

The affluent Khamis family of Egypt, known for their crucial role in the carpet industry, has seen their investment in Oriental Weavers, a leading global manufacturer of machine-made carpets, increase by millions of dollars in recent weeks.

Data shows that the market value of the Khamis family’s investment has increased by EGP699.95 million ($14.77 million) in the last 11 days. This is due to revived investor interest, which is driving aggressive share buying in the Cairo-based company on the Egyptian Exchange.

This increase builds on previous advances made between April 1 and 22. The market value of their Oriental Weavers stake increased by EGP903.16 million ($18.76 million), from EGP6.96 billion ($144.59 million) to EGP7.87 billion ($163.35 million).

The Khamis family, one of Egypt’s wealthiest, owns the majority interest in Oriental Weavers, a global carpet maker. The company’s products are sold in more than 150 countries, establishing it as a major player in the Middle East and North Africa.

The family, led by notable business woman Yasmine Mohamed Khamis and her siblings, owns a controlling 56.58 percent stake in the Cairo-based carpet empire, which has production sites in three countries.

Oriental Weavers’ shares on the Egyptian Exchange have lately surged 10.63 percent, going from EGP17.49 ($0.37) on April 30 to EGP19.35 ($0.41) at the time of writing. This surge has pushed the company’s market capitalization past $270 million, resulting in significant benefits for shareholders.

As a result of the share price gain, the market value of the Khamis family’s stake in Oriental Weavers has increased by EGP699.95 million ($14.77 million) in the last 11 days, going from EGP6.58 billion ($138.87 million) on April 30 to EGP7.28 billion ($153.64 million) as of this report.

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