Egypt's largest carpet-maker Oriental Weavers said it plans to invest LE100 million ($14 million) in 2015 in purchasing new looms.
The company is in talks with a bank over a $10 million loan to finance the purchase of the new equipment as part of a plan to boost carpet production capacity by 13 percent, it said in a statement to the Egyptian bourse on Wednesday.
Oriental Weavers is targeting 7-8 percent growth in sales in 2014, and hopes the new looms will push that figure to 10-12 percent in 2015.
In 2013, the company invested LE450 million in a filaments factory, which began production in 2013, as part of a larger plan to build an industrial complex with a total cost of LE1.4 million.
The carpet maker saw its third-quarter net profits inch down to LE71.19 million ($10 million), from LE72.26 million a year earlier.