Cairo - Mubasher: The board of directors of Oriental Weavers Carpet approved the authorisation of the Managing Director and CEO, Salah Abdel Aziz, to sign a promissory note worth EUR 5 million ($5.93 million) with Attijariwafa Bank.

The CEO was also delegated to sign another promissory note and loan deal worth $7 million with Emirates NBD, Oriental Weavers Carpet said in a bourse disclosure on Sunday. 

In addition, the board also approved the inauguration of three new branches in Qena, Fayoum, and Kafr El-Sheikh. 

During the first quarter (Q1) of 2021, Oriental Weavers Carpet achieved net profits of EGP 343.19 million, compared to EGP 197.95 million in Q1-20, including minority shareholders' rights.