Oriental Weavers sells its 0.70% stake in NBK Egypt

CAIRO - 2 October 2023: Oriental Weavers has successfully sold its 0.70 percent equity stake in the National Bank of Kuwait - Egypt, according to a disclosure made on the Egyptian Exchange (EGX). The sale involved 3.5 million shares valued at LE 44.66 million valued at almost $1.45 million.

This move aligns with Oriental Weavers' strategic plan to divest from non-core investments and reallocate resources more efficiently. The company stated in the disclosure that its management is currently prioritizing activities directly related to its core business while actively seeking to exit non-core investments.

The EGX disclosure also highlighted that Salah Abdel Aziz Abdel Motaleb, the CEO and Managing Director of Oriental Weavers, will oversee all procedures related to the sale process and be responsible for signing off on the transaction.

In related news, the Egyptian Exchange (EGX) recently announced its plans to launch a new digital registry designed specifically for Investor Relations (IR) officers at listed companies.

This initiative aims to enhance transparency within the market by ensuring high-quality disclosures, both in terms of timing and content. The introduction of the registry is expected to improve the efficiency of the market and facilitate better communication among various stakeholders.

By implementing this digital registry, the EGX aims to strengthen the level of information available to investors and promote a more transparent and dynamic stock market environment. The registry will play a crucial role in enhancing the overall investor experience and fostering stronger connections between companies and the investment community.