Cairo – Mubasher: Oriental Weavers Carpet announced that its 99%-owned subsidiary Oriental Weavers International acquired 1.41% of the Egyptian Propylene and Polypropylene Company (EPP) for a total value of $7.8 million.

The EPP, located in Port Said, is the largest and only integrated Propylene and Polypropylene producer using propane dehydrogenation in Egypt and North Africa, the carpet manufacturer said in a bourse disclosure on Monday.

The company has the capacity to produce 350,000 metric tonnes of polypropylene each year.

It exports 70-80% of its production, which means it generates a steady stream of USD-denominated, tax-exempt cash flow thanks to its free-zone status.

In 2020, Oriental Weavers Carpet logged EGP 1.11 billion in consolidated net profits, up from EGP 855.07 million a year earlier, including minority shareholders’ rights.