An uproar on communication sites after transferring the ownership of the “Oriental Weavers” company to an investment fund outside Egypt

The two sisters, Yasmine and Farida Muhammad Farid Khamis

image copyright social media

The news of the restructuring of the Egyptian “Oriental Weavers” company and the sale of the two sisters, Yasmine and Farida Mohamed Farid Khamis, their entire shares in the company to an investment fund we established in Britain, sparked widespread controversy in the media circles and on social media.

In light of the economic crisis in Egypt, the deal was not going unnoticed, as some saw that selling the two sisters their shares to the British company, which they later declared their ownership of, is one of the means of opposing the authority in Egypt, but also resisting it, while others considered that what happened in the restructuring process is a formality. It is a form of tax evasion that should be prosecuted.

what’s the story

The Egyptian company “Oriental Weavers” announced that Yasmine and Farida Mohamed Farid Khamis sold their entire shares in the company to the FYK Limited fund for 1.4 billion pounds, an event that occupied the Egyptian public opinion over the past days. The company indicated, in a disclosure statement to the Egyptian Stock Exchange, that Yasmine Mohamed Farid Khamis sold her entire stake in the company at a rate of 12.31%, with a number of shares amounting to 81.87 million shares, at a price of 8.4 pounds per share, with a total value of 687.74 million pounds, and that her sister, Farida Muhammad Farid Khamis, sold the same number of shares and the same total value.

Oriental Weavers Manifesto

image copyright Oriental waves

The disclosure statement submitted by Oriental Weavers to the Egyptian Stock Exchange stated that, based on the ownership transfer process that took place on the shares of Oriental Weavers Carpet Company, with the mechanism of large-scale transactions, which came within the framework of restructuring between related groups for 163.7 million shares, which represents 24.61% of the capital shares. Oriental Weavers Carpet Company.

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