Oriental Weavers Cancels Carpet Production Project in Turkey

Egypt’s leading carpet manufacturer Oriental Weavers Group (OW) (ORWE.CA) said its project to produce carpet in Turkey has been cancelled. 

The company added in a statement, of which Amwal Al Ghad obtained a copy, that the losses resulting from the cancelation are equal to the earnings expected upon project completion. It added that the losses are unrealized and will not impact OW’s activities and earnings.