Oriental Weavers to unveil new plant details by Feb-end
Mon 18 Feb 2008 1:53 PM
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Oriental Weavers
Oriental Weavers stated today it will announce detailed plan to establish a new factory on a 190.000 sq m land plot by the end of February 2008.
The company had announced on Jan. 20th establishing the factory at 10th of Ramadan City to produce carpets with top-notch technology. First phase of the project is valued at $50 million, while phase two will cost $40 million. The new plant is slated to start production within 12 months.
An EFG-Hermes report valuated Oriental Weavers stock price target at EGP 63.1 per share, or 28% higher than current market value. Stock fair value is set using the discounted cash flow (DCF) method. Metro Brokerage put the stock fair value at EGP 73.
