Egypt: Khamis sisters sell their stakes in Oriental Weavers to their own FYK Ltd. Based in London

Many were surprised by the news of the sale of the duo Farida and Yasmine Mohamed Farid Khamis, their share in the prestigious Oriental Weavers Company to a company, in an official statement on December 25.

The FYK limited fund is also owned by the duo Farida and Yasmine Mohamed Farid Khamis, but it is a foreign entity.

With this deal, Farida and Yasmine Mohamed Farid Khamis continue to own 24.6% of the capital of Oriental Weavers, but indirectly, and can transfer their money abroad safely.

The Oriental Weavers Company is one of the most prominent and oldest companies specialized in the carpet industry over the past years. It has gained a great name after its establishment by the late Mohammed Farid Khamis, the businessman.

On Sunday morning, Oriental Weavers revealed the details of the large deal, in which it announced the sale of Yasmine Mohamed Farid Khamis and her sister Farida Mohamed Farid Khamis, their shares in the Oriental Weavers Company, to the FYK limited fund for 1.4 billion Egyptian pounds.

The company indicated that the eldest daughter, Yasmine Khamis, sold 81.9 million shares, representing 12.31% of the listed shares, at a price of 8.4 pounds per share, for a total of 687.7 million pounds for the deal.

While the younger sister Farida Khamis, Chairman of the Board of Trustees of the British University, sold the same number of shares at the same price, leaving them empty-handed after the deal.

The company revealed that the shares of the two sisters were transferred to FYK limited fund with 163.7 million shares in Oriental Weavers Carpet Company.

The percentage of FYK limited ownership of the ownership of Oriental Weavers becomes 24.61, in addition to the shares of the groups associated with the shareholder 56.94%, which is the net ownership of the Khamis family.

The Oriental Weavers Carpet Company stated in its statement that the deal took place on shares on the Egyptian Stock Exchange this morning, Sunday, December 25, 2022, in order to restructure internally without any changes in the ownership structure, whether for the main shareholders or related groups.

The restructuring aims to enhance the ability of the group companies to diversify international funding sources and create a comprehensive investment platform.

Oriental Weavers did not disclose any information regarding the FYK limited fund, which made many wonder what is the FYK limited fund?

FYK limited is a newly incorporated English entity that operates in four different activities, not including carpets.

The FYK limited fund is owned by the duo Farida and Yasmine Mohamed Farid Khamis, but it is a foreign entity.