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Guava juice boxes produced by the Egyptian Juhayna Company
Today, Wednesday, two security sources told Reuters that Safwan Thabet, chairman of the board of directors of Juhayna Food Industries, the largest producer of milk and bottled juices in Egypt, was arrested.
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These two sources told the agency that the Egyptian authorities detained Safwan at his home, in incidents that one of the sources described as “financial irregularities”.
Juhayna confirmed in a statement to the Egyptian Stock Exchange that its president has been detained pending investigations, noting that “he has no information on the content of the investigations, nor does he have any other information in this regard.”
The company noted that “Saif Al-Din Thabet is the vice chairman of the board of directors and the managing director, and has all the necessary skills and specializations to run the business of the company.”
In August 2015, a judicial committee created by the Egyptian government issued the decision to seize the funds and property of the Juhayna chief, due to his alleged links with the Muslim Brotherhood, which is prohibited in Egypt.
The Egyptian Stock Exchange also suspended the trading of Juhayna shares on the market, pending a statement on the formation of the board of directors.
The Egyptian company stated that the board of directors had been summoned to an emergency meeting to take the necessary measures in this regard.
Juhayna explained that the reservation of the chairman of its board of directors “has no effect on the company or its daily operations”, adding that “it continues to practice all its activities, supplying its products, maintaining its employees and its relationships with all the governmental and non-governmental agencies, with the government. On the rights of its shareholders “.
The company’s share closed yesterday at a price of 6.90 Egyptian pounds.
Amr Al-Alfi, Head of Research at Prime Securities Brokerage, said: “Any negative impact will be on the shares (ie the Juhaina share), which will be only temporary. Safwan Thabet is the founder of the company, and the reserves will not affect the activity of the company, not even in the performance of the Egyptian Stock Exchange. “
It should be noted that Juhayna was established in 1983, produces milk, yogurt and juices, and exports its production to the markets of the Middle East, America and European countries.
Source: “Reuters”
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