Cairo – Mubasher: Oriental Weavers sold its 0.70% equity in the National Bank of Kuwait - Egypt (NBK Egypt), according to a bourse discourse.

The EGX-listed firm indicated that this step aligns with its plans to focus on activities related to the core business and divesting non-core investments.

Oriental Weavers highlighted that its CEO and Managing Director, Salah Abdel Aziz Abdel Motalab, will handle all the requirements to complete the sale process.

During the first half (H1) of 2023, the company generated EGP 733.39 million in consolidated net profits after tax, which marked a 51.30% year-on-year (YoY) hike from EGP 484.63 million, including minority interest.

Meanwhile, NBK Egypt recorded net profits valued at 1.56 billion in H1-23, an annual surge from EGP 756.50 million.