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Cans of guava juice produced by the Egyptian company Juhayna
Today, Wednesday, two security sources told Reuters that Safwan Thabet, chairman of the board of Juhayna Food Industries, Egypt’s largest producer of bottled milk and juice, had been arrested.
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The two sources told the agency that Egyptian authorities arrested Safwan at his home, in incidents one of the sources described as “financial irregularities”.
Juhayna confirmed in a statement to the Egyptian Stock Exchange that the chairman of its board of directors has been detained pending investigations, noting that “he has no information on the content of the investigations, nor any other information on this “.
The company pointed out that “Saif Al-Din Thabet is the vice chairman of the board of directors and the general manager, and he has all the powers and skills necessary to run the affairs of the company.”
In August 2015, a judicial committee set up by the Egyptian government took the decision to seize the funds and property of the leader of Juhayna, due to his alleged links with the Muslim Brotherhood, which was banned in Egypt.
The Egyptian Stock Exchange has also suspended trading in Juhayna’s shares on the market, until a statement regarding the formation of the board of directors is received.
The Egyptian company said the board of directors had been called to an emergency meeting, to take the necessary action in this regard.
Juhayna clarified that the reservation on the chairman of its board of directors “has no effect on the company or the daily functioning”, adding that it continues to practice all its activities, to supply its products, to maintain its employees and its relations with all governmental and non-governmental agencies, with the governorate. On the rights of its shareholders. “
The company’s stock closed yesterday at a price of 6.90 Egyptian pounds.
Amr Al-Alfi, Head of Research Sector at Prime Securities Brokerage, said, “Any negative impact will occur on the stock (ie Juhayna’s share), it will only be temporary. The performance of the Egyptian Stock Exchange. “
It should be noted that Juhayna was founded in 1983 and produces milk, yogurt and fruit juices and exports its production to the markets of the Middle East, America and European countries.
Source: “Reuters”
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