Corporate news
Oriental Weavers [ORWE]
Target Price: 30.30
The Commercial Minister Plenipotentiary and Head of the Trade Representation Authority met with the Chairman of the Board of Directors of Oriental Weavers Group and Oriental Industrial Projects Company to discuss cooperation in promoting the Oriental Industrial City in Ain Sokhna. Oriental Industrial Projects Company enjoys a prime geographical location in Ain Sokhna, within the Suez Canal Economic Zone. The company’s activities include:
1- Developing industrial zones and selling and leasing land for factories
2- Providing infrastructure and attracting and employing industrial investors
The company is considered one of Oriental Weavers’ investments, and opportunities to develop the Oriental Weavers Group’s exports were also discussed.
Oriental Weavers’ stock is trading at a price-to-book ratio of 0.82 and is expected to test its 52-week high (EGP 30.30) before the end of the year.
Walaa Mosalam - Head of Research
WMosalam@egy.primegroup.org