The decline of the share of one of the most famous Egyptian companies after the arrest of its chairman

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The share of Juhayna Food Industries, the largest producer of dairy and bottled juices in Egypt, fell 7.3% today, Wednesday, after the company’s chairman, Safwan Thabet, was arrested pending investigations.

According to the data, the company’s share decreased by 7.3% to reach EGP 6.38. By 12:17 GMT, the main Egyptian index lost its morning gains, falling 0.03% to 11,036 points.

Two security sources told Reuters today that the Chairman of the Board of Directors of Juhayna was arrested at his home in incidents that one of the sources described as “financial irregularities.”

A judicial committee set up by the Egyptian government issued a decision in August 2015 to seize the funds and property of the head of “Juhayna” due to his alleged links to the banned Muslim Brotherhood.

Amr El-Alfi, head of research at Prime Securities, said: “Any negative impact that will occur on the stock will be only temporarily. Safwan Thabet is the founder of the company. Reserving it will not affect the company’s activity or even the performance of the Egyptian Stock Exchange.”

Source: Reuters



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