The news of the restructuring of the Egyptian company Oriental Weavers and the sale of sisters Yasmine and Farida Mohamed Farid Khamis, all of their shares in the company to an investment fund based in the UK, has caused widespread controversy in Egypt.

Egyptian economic analyst Hanan Ramses said this is not the first time that companies owned inside Egypt have been sold to the same owners outside of Egypt under the slogan of restructuring.

And clarified in RT statements that Oriental Weavers preceded the Sawiris family: in 2007, Yasmin and Farida Muhammad Khamis sold 25% of their £1.6bn Weavers Company shares to their subsidiary overseas, in which they own 100% of the shares.

And she continued: “The reason for this is to avoid lengthy legal procedures imposed by regulators on sales transactions, such as ignorance checks and procedures for determining the fair value of shares, which must be carried out by one of the valuation agencies and receive a large amount of money” .

She pointed out that this gives Yasmin and Farida Khamis the opportunity to sell without delay and without lengthy procedures, and they will also be exempt from taxes, since these companies and funds are exempt from increasing investment value, in addition to protecting their investments by closing the deal. and it will be in dollars, and it is aimed at getting out in dollars and avoiding exchange rate instability.

Ramses noted that the state should be aware that such behavior is detrimental to the national economy of Egypt, regardless of the ownership of the company and its owners.

Source: RT

Cairo – Nasser Hatem

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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