Egypt’s Juhayna Food Industries company’s shares declined by 6.1 percent on Wednesday, following the arrest of its founder and chairman Safwan Thabet by Egyptian authorities.
Juhayna stock closed at LE6.46, amid the trading of about 557,000 shares, LE 3.6 million liquidity, and 198 transactions on the company’s shares.
Following news of the arrest, the Egyptian Exchange suspended the company’s shares.
Juhayna said in a statement it does not have information about the reason for Thaabet’s arrest, and does not have any other information in this regard.
It added that Saif Eddin Thabet, vice-chairman of the board of directors and the managing director, is fully capable of running the business while Thabet is detained.
The statement stressed that the company will continue to operate smoothly and provide customers with its high-quality products without the chairman.
An emergency meeting between the company’s Board of Directors was called, according to the statement.
Juhayna, founded in 1983, specializes in the production, processing, and packaging of milk, cooking products, and juices. The company offers over 200 products and employs over 4,000 people.
Edited translation from Al-Masry Al-Youm
