The secret of the deal of oriental weavers in Egypt?

The British company FYK Limited has raised a secret in Egypt over the past few days, announcing the acquisition of a 24% stake in Oriental Weavers, valued at 1.4 billion Egyptian pounds.

Adding to the hype was a statement from Oriental Weavers, a pioneer in the Egyptian carpet industry, which clarified that Yasmin and Farida Mohamed Farid Khamis, owners of the stake bought by FYK Limited, still retain ownership of the same share.

This led to the spread of the news that Farida and Yasmin own FYK Limited and that they sold themselves indirectly.

Some speculate that the name FYK Limited stands for the first letter of Farida F and Yasmin y, while the K stands for their surnames Khamis.

The economic website “Arabian Business” tracked the data of FYK Limited and obtained some information about the UK company from the UK government services website which provides information about companies operating there GOV.UK and it was found that FYK LIMITED or FYK Limited is a private company founded in the UK almost 5 years ago on 24 January 2018.

The site learned that the company is a private limited company based in Manchester, England and that its business is trading in coffee, tea, cocoa, spices and other food products outside of construction, especially commercial building materials.

And the information base on the GOV.UK website revealed that Turkish managers took control of the company, and neither Yasmin nor Farida were found in the list of company managers, contrary to what was circulated, or as the Oriental Weavers statement itself indicates. .

GOV.UK did not refer to the owners of the company, but clarified the details of those who manage it, and indicated that the current director of the company is of Turkish origin, living in the UK, and his name is Mirhat Firat KAYA, and he is 26 years old (born in September 1996 .), and he was appointed with the establishment of the company on January 24, 2018, and then retired on the same day.

Then, Mehmet Nezir Korkut, who is British but his surname may indicate Turkish roots, was appointed director of the company, and he is 38 years old (born 1984), after which he resigned on March 25, 2019.

After that, on the same day, March 25, 2019, Ruken Unuvar SUPHANDAG was appointed, he is a Turk living in England, born in April 1976 and continued to hold this position until his resignation on January 9, 2020.

Then Mirhat Firat KAYA again returned to the management of the company on January 9, 2020 and still holds his position.

The transfer of this share of Oriental Weavers shares to a British company is subject to international agreements of international commercial arbitration.

Source: Arab Business