Cairo – Mubasher: Oriental Weavers Group said Tuesday that its board of directors has approved to buy a 34,100-square-metre land plot from Mac Carpet Company to use it for establishing a new plant.

The land plot is valued at EGP 54.1 million, according to a bourse filing.

Oriental Weavers owns a 58.3% stake in Mac Carpet.

The board’s decision is subject to an approval by the ordinary general meeting (OGM), during which shareholders will also discuss a proposal to amend articles number 3 and 4 of the company’s statute.

The stock was last traded at EGP 18.02.