Juhayna tries to re­as­sure in­vestors fol­low­ing CEO’s as­set freeze

Business monthly (Egypt) - - MARKET WATCH -

Egyp­tian juice and dairy gi­ant Juhayna sought to re­as­sure in­vestors that the com­pany would con­tinue to op­er­ate as usual fol­low­ing state media re­ports that CEO Safwan Tha­bet’s per­sonal as­sets would be frozen, in­clud­ing his shares in the com­pany, be­cause of his al­leged ties to the Mus­lim Brother­hood. Juhayna’s stock plum­meted 7.5. per­cent on the news, which was at­trib­uted to the head of the com­mit­tee formed in 2013 to in­ves­ti­gate and seize the as­sets of the banned group. In a press re­lease, the com­pany said it was go­ing ahead with all cur­rent plans and in­vest­ments, in­clud­ing a planned joint ven­ture with Arla Foods to es­tab­lish a new com­pany called Argo, in which Juhayna will own a 51-per­cent stake.

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